2021 (11) TMI 605

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....e of Creditors (CoC) seeking liquidation of the Corporate Debtor, viz., V.R. Infralogistics Private Limited [CIN: U63010WB2010PTC152273], on the ground that the no resolution plan was received. 3. This Adjudicating Authority vide its order dated 18.07.2019 on a Petition filed by the T.P. Roy Chowdhury & Co. Private Limited (operational creditor) under section 9 of the Insolvency and Bankruptcy Code, 2016 ('the Code') directed initiation of the Corporate Insolvency Resolution Process ('CIRP') against the Corporate Debtor and appointed Mr. Pankaj Kumar Tibrewal as the Interim Resolution Professional ('IRP'). The IRP was replaced with Mr. Shyamal Kumar Bhattacharjee and his appointment as the Resolution Professional ....

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....or be liquidated under the provisions of section 33(2) of the Code. 9. The Applicant/Resolution Professional, Mr. Shyamal Kumar Bhattacharjee [Reg. No. IBBI/IPA-003/IP-N00092/2017-18/10892], has agreed to act as liquidator to carry on the process of liquidation and has given his consent to act as Liquidator, in terms of section 34(1) of the Code Annexure E in page 30-31 of the I.A. A valid Authorisation for Assignment (AFA) issued by the Insolvency Professional Agency (IPA) which is valid till 12.01.2022, in terms of regulation 7A of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, has also been annexed to the I.A. Page 32 of the I.A.. 10. We have considered the submission made by the learned ....

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...., stating that the Corporate Debtor is in liquidation. e. All the powers of the Board of Directors, and of key managerial persons, shall cease to exist in accordance with section 34(2) of the Code. All these powers shall henceforth vest in the Liquidator. f. The personnel of the Corporate Debtor are directed to extend all assistance and co-operation to the Liquidator as required by him in managing the liquidation process of the Corporate Debtor. g. On initiation of the liquidation process but subject to section 52 of the Code, no suit or other legal proceeding shall be instituted by or against the Corporate Debtor save and except the liberty to the liquidator to institute suit or other legal proceeding on behalf o....