2021 (11) TMI 607

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...., inter-alia, to:- a. Pass an order requiring the Corporate Debtor to be liquidated in the manner as laid down in Sec. 33(1)(a) of Chapter III of IBC, 2016; b. Pass an order by appointing Shri Bhaskar B., Resolution Professional (IBBI/IPA-002/IP-P00644/2018-19/12024) as Liquidator for administering the Liquidation Process of the Corporate Debtor; 2. Brief facts as stated by the counsel for the Applicant are as follows:- a. That the Company Petition for initiation of Corporate Insolvency Resolution Process (CIRP) which was filed by the Financial Creditor namely M/s. Bhagyanagar Investments and Trading Pvt. Ltd., under section 7 of the IBC, 2016 against the Corporate Debtor has been admitted by this bench on 25.0....

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.... besides the information provided by the Applicant, inter-alia, passed the following resolutions:- "The Applicant had placed the proposal for appointing himself as the Resolution Professional. However, the COC decided to proceed with the liquidation process immediately since the Corporate Debtor was not operating for more than 3 years and because the Corporate Debtor had no fixed assets. Accordingly, the COC passed a resolution to proceed with the liquidation process since the COC decided that there is no scope for resolution plan. The COC unanimously decided to liquidate the Corporate Debtor and appoint the Applicant as the liquidator". g. That the COC has directed the Applicant/Interim Resolution Professional to approach....

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.... Adjudicating Authority hereby order for Liquidation of M/s. Velugu Engineering and Enterprises Private Limited which shall be conducted in the manner as laid down in Chapter III of part II of the I&B Code, 2016; (ii) This Adjudicating Authority hereby appoint Mr. C.S. Bhaskar B., as Liquidator as resolved by CoC. He has already filed his consent to act as Liquidator in the present case along with valid Authorisation for Assignment (AoA). He shall issue a public announcement stating therein that the Corporate Debtor is in Liquidation; (iii) The moratorium declared under Section 14 of the I&B Code, 2016, shall cease to have effect from the date of the order of Liquidation; (iv) Subject to Section 52 of the I&B Code....

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....nkruptcy Board of India (Liquidation Process) Regulations, 2016 and shall endeavour to first sell the Corporate Debtor or its business as going concern. However, if he is unable to sell the Corporate Debtor or its business within 90 days from liquidation commencement date, Liquidator shall proceed to sell the assets of the Corporate Debtor under clauses (a) to (d) of Regulation 32 of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. (x) The entire liquidation cost will be funded by the sole CoC member as resolved in the 2nd CoC meeting dated 08.10.2021. (xi) The Liquidator shall be entitled to charge such fee for conducting the Liquidation proceedings in accordance with the decision taken by....