2021 (11) TMI 234

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....mber (J) And Virendra Kumar Gupta, Member (T) For the Appellant : Rushabh Shah, Learned PCS ORDER Dr. Deepti Mukesh, Member (J) 1. This Interlocutory Application No. 136 of 2020 in (MP)CP(IB) No. 85/NCLT/2020 under Section 33(1), 33(2) and 34(1) of the Insolvency Bankruptcy Code has been filed by Mr. Neha Firoda, Resolution Professional of the Corporate Debtor i.e. M/s. RJVS Traders Pr....

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....P. Thereafter, the IRP has formed the COC, which comprises two members namely M/s. Mangalnayak Shoppers Private Limited and Pawan Jain and Company. 4. The COC in its first meeting dated 17.05.2021 confirmed the present applicant as the Resolution Professional and also decided not to appoint the registered valuer as there are no assets in the Corporate Debtor. 5. In the second meeting dated 0....

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....rd the submission made and after perusing the documents on record, it is noted that the company is not having assets and funds to meets the liabilities of the Corporate Debtor. The COC in the meeting dated 02.06.2021 passed a resolution to Liquidate the Corporate Debtor by 100% votes. The COC has also assessed the liquidation costs and remuneration of the Liquidator as per Regulation 39B & 39C of ....

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....he date of this order. III. Once having liquidation process initiated, subject to Section 52 of the Code, no suit or other legal proceedings shall be instituted by or against the Corporate Debtor save and except the liberty to the liquidator to institute a suit, or other legal proceedings on behalf of the corporate debtor with prior approval of this Adjudicating Authority as mentioned in ....