2022 (2) TMI 550

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....pon the instructions of the Committee of Creditors ('CoC') seeking liquidation of the Corporate Debtor, viz., Shamken Cotsyn Limited [CIN: L17123UP1987PLC-026885], on the ground that no resolution plan was received. The Applicant has sought for the following reliefs: a. Pass an order under section 33(2) of the Insolvency & Bankruptcy Code, 2016 for liquidation of the Corporate Debtor i.e., Shamken Cotsyn Limited. b. Pass an order for appointment of liquidator in respect of the Corporate Debtor. 3. This Adjudicating Authority vide its order dated 29.05.2018 on a Petition filed by Asset Reconstruction Company (India) Limited ('Financial Creditor) under section 7 of the Insolvency and Bankruptcy Code, 2016 (&#3....

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....te debtor. 7. Hence, the RP has filed an application under section 33(1)(b) of the Code, before the Adjudicating Authority for liquidation of the Corporate Debtor. 8. We have considered the averments and heard the learned Counsel. 9. Section 33 of the Code enjoins the Adjudicating Authority to pass an order for liquidation of the Corporate Debtor where the resolution professional, at any time during the CIRP but before confirmation of the resolution plan, intimates the Adjudicating Authority of the decision of the CoC approved by not less than sixty-six percent of the voting share, to liquidate the Corporate Debtor. In the present case, the CoC has resolved by 100% voting share to liquidate the Corporate Debtor. 10. This Bench, ....

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.... 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 liquidation order shall be deemed to be a notice of discharge ....