2022 (1) TMI 1181

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....rofessional of Barcley Enterprises Limited, the Corporate Debtor, on the ground that no resolution plan has been received by him in spite of publication of Form 'G', for liquidation of the Corporate Debtor. 3. This Adjudicating authority vide order dated 29/08/2019 in CP(IB) No. 830/KB/2018 had ordered initiation of CIRP against the Corporate Debtor and appointed Mr. Jai Narayan Gupta as the Interim Resolution Professional. Interim Resolution Professional was confirmed as the Resolution Professional of the Corporate Debtor at the first meeting of the Committee of Creditors held on 01/10/2019, in terms of the information contained in the First Progress Report filed by the Resolution Professional. Public announcement in Form 'A&#....

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....hority the decision of the Committee of Creditors approved by not less than 66% of the voting share to liquidate the Corporate Debtor. 8. Reading these two provisions together, this Adjudicating Authority is left with no option but to order liquidation of the Corporate Debtor. 9. This Bench, therefore, hereby orders as follows:- a. IA(IB) No. 695/KB/2021 filed by Mr. Jai Narayan Gupta, RP of Barcley Enterprises 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. Jai Narayan Gupta [Reg. No. IBBI/IPA-001/IP-P00371/2017-2018/10628], is hereby appointed as Liquidator as provided under section 34(1) of the Code, subjec....