TaxTMI 
TaxTMI 
2019 (5) TMI 1929
X X X X Extracts X X X X
X X X X Extracts X X X X
....te Debtor) for passing an order requiring the corporate debtor to be liquidated in the manner laid down in the Insolvency and Bankruptcy Code, 2016 (Code). 2. Petition under Section 9 of the Code was filed by Ashok Kumar and Brother (Operational Creditor) for initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The petition was admitted by order dated 29.08.2018 and moratorium under Section 14(1) of the Code was declared. Subsequently, by order dated 07.09.2018, Mr. Mast Ram was appointed as Interim Resolution Professional (IRP). It is stated that during the CIRP process, the Committee of Creditors (COC) in its second meeting held on 23.10.2018 resolved to replace Mr. Mast Ram and appoint Mr. Anup Kum....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... given his consent for working as a Liquidator. Written Consent of the RP to act as Liquidator is at page 90 of the paper book. 6. We have carefully considered the submissions of the learned counsel for the Resolution Professional and have also perused the records. 7. We find that in Agenda Item No. B.2 of 8th COC meeting dated 25.04.2019, the developments with regard to invitation of EOI and submission of Resolution Plans were discussed and it was noted that no Resolution Plan was received so far. Resolution was passed with 100% of voting rights approving liquidation of the corporate debtor and authorising Shri Anup Kumar Singh, Resolution Professional to file the application. 8. Section 33(2) of the Code states that where the RP....
X X X X Extracts X X X X
X X X X Extracts X X X X
....P is being appointed as the Liquidator. 10. In view of the satisfaction of the conditions provided for under Section 33(2) of the Code (Para No. 7 supra), the corporate debtor K.T.C Foods Pvt. Ltd. is directed to be liquidated in the manner as laid down in Chapter III of the Code. 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 against the corporate debtor; Provided that a suit or other legal proceedings may be instituted by the liquidator on behalf of the corporate debtor, with the prior approval of the Adjudicating Authority; (ii) That the provisions of sub-section (5) of Section 33 of the Code shall not....