2021 (10) TMI 1033

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.... For the Appellant : V. Manivannan, Advocate ORDER Sucharitha R., Member (J) 1. The above application has been preferred by the Liquidator under section 35(1)(n) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as "IBC, 2016") read with Regulation 44(2) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 seeking relief as follows; a. to ....

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....ribunal. 3. The Learned Counsel for the Liquidator submitted that the applicant had also appointed two valuers who have valued the assets of the Corporate Debtor and the applicant had also submitted the preliminary report, list of stakeholders, assets memorandum and quarterly progress report before this Tribunal. 4. It was submitted by the Learned Counsel for the Liquidator that the Corporate De....

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....ile Directors of the Corporate Debtor under Section 66 of IBC, 2016 is pending adjudication before this Tribunal. The Learned Counsel for the Applicant further submitted that the Karur Vysya Bank has lien on the chits for the deposit of Rs. 1,00,00,000, for which the applicant has filed an application before this Tribunal praying for lifting of lien on the deposit by the Deputy Registrar of Chits.....

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....licant in the Application has averred that the avoidance applications filed by Liquidator are yet to be adjudicated by this Tribunal and till such time the avoidance application is adjudicated, the Liquidation process in relation to the Corporate Debtor cannot be completed. Further, it is also seen that the assets of the Corporate Debtor are yet to be sold. 7. Thus, by taking into consideration a....