2021 (12) TMI 344

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....Chaudhary Ingots Pvt. Ltd. [CIN: U27104UP2001PTC026354], on the ground that no resolution plan was approved by the Committee of Creditors ("CoC). The Applicant has sought for the following reliefs: a. "Pass an order under section 33 of the Insolvency & Bankruptcy Code, 2016 for liquidation of the Corporate Debtor i.e. Chaudhary Ingots Pvt. Ltd. b. Pass an order for appointment of the present Resolution Professional as liquidator in respect of the Corporate Debtor; " 3. This Adjudicating Authority vide its order dated 03.01.2020 on a Petition filed by Mr. Shriyank Wadhwa ('Financial Creditor') under section 7 of the Insolvency and Bankruptcy Code, 2016 ('the Code') directed initiation of the Corporate Ins....

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....has resolved by 97.04% voting share to liquidate the Corporate Debtor. This Bench, therefore, hereby orders as follows:- a. Prayers as sought for in IA No. 22/ALD/2021 filed by Mr. Sandeep Goel. RP of Chaudhary Ingots Private Limited, the Corporate Debtor, is allowed and the Corporate Debtor is ordered to be liquidated in terms of section 33(2) of the Code read with sub-section (1) thereof; b. Mr. Sandeep Goel as RP is hereby appointed as liquidator as provided under section 34(1) of the Code, subject, however, to his possessing a valid Authorisation for Assignment (AFA) issued by the Insolvency Professional Agency (IPA) of which he is a professional member, in terms of Regulation 7A of the Insolvency and Bankruptcy Board ....

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....cordance with section 33(7) of the Code, this liquidation order shall be deemed to be a notice of discharge to the officers, employees and workmen of the Corporate Debtor, except to the extent of the business of the Corporate Debtor continued during the liquidation process by the Liquidator. i. The liquidator shall be paid fees in accordance with the provisions of Regulations, 2016 as amended with effect from 25th July, 2019 in the order of priority as prescribed in Section 53 of the of the Code. j. In terms of section 33(1)(b)(iii), the Liquidator shall file a copy of this Order with the Registrar of Companies, Kanpur, Uttar Pradesh, within whose jurisdiction the Corporate Debtor is registered. Additionally, the Registry ....