2021 (12) TMI 1151

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....e Corporate Debtor, viz., Leel Electricals Limited [CIN: L29120UP1987-PLC091016], 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(1) of the Insolvency & Bankruptcy Code, 2016 for liquidation of the Corporate Debtor i.e. "Leel Electricals Limited." b. Pass an order for appointment of Resolution Professional as liquidator in respect of the Corporate Debtor; 3. This Adjudicating Authority vide its order dated 25.03.2020 on a Petition filed by MKM Technologies Private Limited ('Operational Creditor') under section 9 of the Insolvency and Bankruptcy Code, 2016 ('the Code') d....

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....ing Authority vide order dated 27.08.2021 and then further extension of 30 days was granted by this Adjudicating Authority vide order dated 08.11.2021. 8. Further stated that in 22nd meeting of COC dated 22.10.2021 the resolution plan of M/s. IM+ Capitals Limited was put to e-voting which was rejected by COC with 96.5% voting against it and further submitted CIRP period is due to expire on 17.11.2021 9. Hence, the RP has filed an application under section 33(1) of the Code, before the Adjudicating Authority for liquidation of the Corporate Debtor and appointment of RP as liquidator who has given his consent to act as liquidator which is placed at Pg.355 of the present application. He is stated to have a valid authorization for assignm....

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....3(5) of the Code shall commence from the date of this order. 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 of the Corporate Debtor with prior approval of this Adjudicating Authority, as provided in section 33(5) of the Code read with its proviso. h. In accordance with section 33(7) of the Code, this li....