2020 (7) TMI 802

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....licant in IA No. 715 of 2019 Learned Counsel Ms. Sakshi Raheja appeared for the Applicant in IA No. 163 of 2020 COMMON ORDER [PER: HON'BLE MR. VIRENDRA KUMAR GUPTA, MEMBER (T) 1. The present Interlocutory Application is filed by the Resolution Professional seeking for passing an Order of liquidation under Section 33(1), 33(2) & 34(1) of the Insolvency & Bankruptcy Code, 2016, of the Corporate Debtor Company. 2. The brief facts are that I. This Adjudicating Authority admitted Corporate Debtor in Corporate Insolvency Resolution Process vide its order dated 26.04.2019 and appointed the Applicant as "IRP". The Committee of Creditors was constituted and IRP was appointed as Resolution Professional. II. The Pu....

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....the Corporate Debtor needs to be liquidated. Accordingly we pass following order : ORDER 1. As per the Section 34(1) of the I.B. Code, the Applicant/ Resolution professional, Ms. Vineeta Maheshwari. (Registration No. IBBI/IPA-OOI/IP- P00185/2017-18/ 10364) is hereby appointed as a Liquidator of the company M/S. Kaneria Granito Ltd. having CIN No. U14000GJ2000PLC037275, which has been duly approved by COC in its 6th meeting dated 4th October,2019. 2. All the powers of the Board of Directors, key managerial persons, the partners of the Corporate Debtor hereafter cease to exist. All these powers henceforth, vest with the Liquidator. 3. The personnel(s) of the Corporate Debtor are directed to extend all co-operatio....

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....ation order shall be a deemed to be 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. 10. The Moratorium declared vide order dated 26.04.2019 in CP(IB) No.320/7/NCLT/AHM/2018, henceforth, ceases to exist. 11. The present I.A. No. 715 of 2019 is allowed directing the appointed Liquidator to initiate and complete liquidation process as envisaged under Chapter - Ill of the Code by following the liquidation process as specified in the Insolvency and Bankruptcy Board of India (liquidation process) Regulations, 2016 and to file progress report as per above Regulations. ....