2020 (8) TMI 888

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.... Member (T) For Appellant: Avinash Khanolkar, Adv. ORDER 1. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor by an order dated 17.09.2019, on a Section 9 Petition filed by the Financial Creditor, wherein Mr. AshishVyas, was appointed as an Interim Resolution Professional(IRP). 2. The first meeting of Committee of Creditors (CoC) was held on ....

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....as revealed: a. The suspended directors informed the IRP that all the employees of the Company have left. b. During the visit to the erstwhile licensed (rented) premises of the Corporate Debtor, IRP could not find any assets. c. Mr. Aman Gupta and Mr. Shripal Gandhi (suspended directors) informed the IRP that due to non-payment of rent, entire assets of the Corporate Deb....

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....l/ Applicant herein has given his consent to act as a liquidator of the Corporate Debtor. 8. On hearing the submissions of the applicant and on reading the Application and the documents enclosed therein, for the IRP has complied with the procedure laid under the Code read with Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, on veri....

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.... to exist. All these powers henceforth vest with the Liquidator. d. that the personnel of the Corporate Debtor are directed to extend all co-operation to the Liquidator as required by him in managing the liquidation process of the Corporate Debtor. e. that the Liquidator will charge fees for conduct of the liquidation proceedings in proportion to the value of the liquidation esta....