2021 (10) TMI 11

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....;. 2. The facts in brief are that an application for Corporate Insolvency Resolution Process was preferred by Operational Creditor, Mr. Amit Verma, under Section 9 of the IBC, 2016 on account of default. The Adjudicating Authority vide order dated 03.03.2020 in C.P. No. IB-2012/(ND)/2019 admitted the said application and appointed Mr. Manish Agarwal, as the Interim Resolution Professional of the Corporate Debtor. 3. The IRP issued a Public Announcement dated 06.11.2020 under Section 13 and 15 of the Insolvency and Bankruptcy Code, 2016, in daily newspaper 'Business Standard' in Hindi and English in Prescribed Form A, and invited claims from the creditors of the Corporate Debtor. On receiving the claims till 19.11.2020, the IRP....

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.... be, does not receive a resolution plan under sub-section (6) of section 30; or b. rejects the resolution plan under section 31 for the non-compliance of the requirements specified therein, it shall- (i) pass an order requiring the corporate debtor to be liquidated in the manner as laid down in this Chapter; (ii) issue a public announcement stating that the corporate debtor is in liquidation; and (iii) require such order to be sent to the authority with which the corporate debtor is registered." (2) Where the resolution professional, at any time during the corporate insolvency resolution process but before confirmation of resolution plan, intimates the Adjudicating Authority of the decision of th....

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....ons, 2016; c. The Registry is directed to communicate this Order to the Registrar of Companies, NCT of Delhi & Haryana and to the Insolvency and Bankruptcy Board of India; d. In terms of section 178 of the Income Tax Act, 1961, the Liquidator shall give necessary intimation to the Income Tax Department. Similarly in relation to other fiscal and regulatory authorities which governs the Corporate Debtor, the Liquidator shall also duly intimate about the order of liquidation e. The Order of Moratorium passed under Section 14 of the Insolvency and Bankruptcy Code, 2016 shall cease to have its effect and that a fresh Moratorium under Section 33(5) of the Insolvency and Bankruptcy Code shall commence; f. This o....