TaxTMI 
TaxTMI 
2021 (10) TMI 337
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...."the Code"), praying for following reliefs: a. That this Hon'ble Tribunal, in exercise of its powers under Section 33 of the Code, be pleased to pass a liquidation order as provided under sub clauses (i), (ii) and (iii) of clause (a) of sub-section (1) of Section 33 of the Code thereby requiring the Corporate Debtor to be liquidated in the manner as laid down in Chapter III of the Insolvency and Bankruptcy Code, 2016; b. That this Hon'ble Tribunal be pleased to appoint Mr. Santanu T Ray having IBBI registration number IBBI/IPA-002/IP-N00360/2017-2018/11055 as liquidator of the Corporate Debtor as per the provisions of Section 34 of the Insolvency and Bankruptcy Code, 2016; c. That this Hon'ble Tribunal be pleased to direct....
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....tings of the CoC were held with the dates thereof being 26.06.2020 and 15.07.2020. The CoC in its first meeting held on 26.06.2020 had proposed for confirming the IRP i.e. the applicant herein to be the Resolution Professional (RP) of the Corporate Debtor and for fixing his fees. It was further proposed to ratify the cost incurred till date in the said CIRP. But the required voting majority was not achieved and thus the above resolutions were not passed. Further pursuant to the Regulation 19(2) of IBBI (CIRP) Regulations, 2016 and the relevant provisions of the Code, the CoC granted authority to the IRP to hold meetings of the CoC by giving notice period of not less than Forty-Eight hours. This resolution was passed by the CoC with a majori....
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....uidation of the Corporate Debtor by the CoC appears to be genuine and convincing considering the financial conditions and assets of the company. It is observed from the minutes of the 2nd CoC meeting that the CoC has, with 93.31% majority, decided to liquidate the Corporate Debtor and relying on the settled principle of law regarding the Commercial Wisdom of the CoC, we hereby allow this Miscellaneous Application bearing Number I.A. 2037 of 2020 with the following observations and directions: a. Mr. Santanu T. Ray, having Registration No. IBBI/IPA-002/IP-N00360/2017-2018/11055 and having office at: 301, BSEL Tech Park, Sector 30A, Opposite Vashi Railway Station, Vashi, Navi Mumbai - 400 703, is hereby appointed as the Liquidator as provid....