2021 (11) TMI 22

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....19, are filed by the Resolution Professional under Section 33(1), 33(2) & 34 of the Insolvency & Bankruptcy Code, 2016 seeking initiation of Liquidation process of the Corporate Guarantors, viz., M/s. Utility Agrotech Industries Private Limited and M/s. Supreme Finefab Private Limited, of the Corporate Debtor, viz., M/s. Supreme (India) Impex Limited. 2. The facts, in brief, are that the Corporate Guarantors were admitted into Corporate Insolvency Resolution Process (hereinafter referred to as "CIRP") by this Adjudicating Authority vide common order dated 16.03.2021 in Applications filed under Section 7 of the Insolvency & Bankruptcy Code, 2016. CIRP commenced on 16.03.2021. The IRP made public announcement inviting submission of claims on....

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....ncial and tangible assets in the Corporate Guarantor, hence, there is no chance of resolution of the Corporate Guarantor of the Corporate Debtor. The CoC has passed resolution in terms of provisions of Regulation 39C of CIRP Regulations as well as Regulation 32, 32A of Liquidation Process Regulations to the effect that Corporate Guarantor cannot be sold as a going concern as the Corporate Guarantor of the Corporate Debtor do not possess any viable financial and tangible assets. Resolutions regarding liquidation costs as well as contribution by Financial Creditor to meet the shortfall have also been passed. In these circumstances, we hold that order of liquidation is to be passed. The name of the RP has been proposed to act as liquidator and....

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....ther legal proceeding on behalf of the corporate guarantor with prior approval of this Adjudicating Authority as mentioned in Sub-Section 6 of Section 33 of the LB. Code. 6. The Liquidator shall co-ordinate with all the authorities and the respected Government Authorities and shall provide complete information to facilitate the process of Liquidation. 7. The Liquidator is at liberty to seek any directions, if need be from this Tribunal during the Liquidation Process. 8. The Liquidator shall take necessary legal action to recover the trade receivables and other credits such as loans and advances from the parties which are reflected in the latest balance sheet of the Corporate Guarantor, if any. This direction is hereby given in concurr....