2019 (2) TMI 1992

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....ankruptcy Code, 2016 (for short to be referred here-in-after as the Code) seeking order of liquidation in respect of the corporate debtor Mahabir Techno Limited. 2. The petition under Section 9 of the Code at the instance of M/s Ashapura Perfoclay Limited against the corporate debtor was admitted on 30.10.2018 declaring the moratorium and also appointing Mr. Vinod Kumar Mahajan as the Interim Resolution Professional with necessary directions. 3. The Resolution Professional made public announcement inviting the claims and on collation of the claims, the Committee of Creditors (CoC) was constituted. In the first meeting of the CoC held on 29.11.2018, Mr. Vinod Kumar Mahajan was confirmed as the Resolution Professional and he took over the ma....

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....ate insolvency resolution process under section 12 or the fast track corporate insolvency resolution process under section 56, as the case may be, does not receive a resolution plan under sub-section (6) of section 30; or (b) rejects the resolution plan under section 31 for the non-compliance of the requirements specified therein, it shall- (i) pass an order requiring the Corporate Debtor to be liquidated in the manner as laid down in this Chapter; (ii) issue a public announcement stating that the Corporate Debtor is in liquidation; and (iii) require such order to be sent to the authority with which the Corporate Debtor is registered. (2) Where the resolution professional, at any time during the corporate insolvency resolution pro....

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....n Professional as the Liquidator for the purposes of liquidation of the corporate debtor in terms of Section 33 (2) of the Code. His appointment as such will be with effect from the date of receipt of copy of this order. 11. It is further observed that all the directions/requirements and provisions of Chapter III of the Code and Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (hereinafter referred to as Liquidation Process Regulations, 2016) shall be strictly complied with. Some of the directions are noted as under:- (i) That as per Section 33(5) of the Code and subject to Section 52 of the Code, no suit or other legal proceedings shall be instituted by or against the corporate debtor; Provided that a sui....

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....ese Regulations within five days from receipt of this order calling upon the stake holders to submit their claims as on liquidation commencement date and provide the last date for submission of claim which shall be 30 days from the liquidation commencement date. 13. It is further directed that the announcement shall be published in accordance with Regulation 12(3) as under:- "(a) In one English and one regional language newspaper with wide circulation at the location of the registered office and principal office, if any, of the corporate debtor and any other location where in the opinion of the liquidator, the corporate debtor conducts material business operations; (b) on the website, if any, of the corporate debtor; and (c) on the....