TaxTMI 
TaxTMI 
2018 (1) TMI 1674
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....ete majority of the Committee of Creditors on 2.11.2017, along with another prayer for appointment of him as the Liquidator for the purpose of liquidation of the company under section 34(1) of the Code. 2. The Corporate Debtor M/s. Esskay Motors Pvt. Ltd. was put on in Insolvency Resolution process, on a Petition filed by HDFC Bank Ltd. under section 7 of the Code, by an Order of this Adjudicating Authority dated 29.6.2017. The Applicant herein was appointed as Interim Resolution Professional, he has made a public announcement of insolvency resolution process in two newspapers and on the website of Insolvency and Bankruptcy Board of India (IBBI). In the first meeting of the Committee of Creditors (CoC) held on 31.8.2017, wherein the repres....
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....iscussion the CoC decided to grant three weeks' time to Mr. C. K. Prasad, Ex-CMD of the Corporate Debtor to submit the revival proposal and another 10 days' time to finalize the funding arrangement for the revival of the company. 5. The third CoC meeting was held on 3.10.2017, wherein all the stakeholders have participated and finally the CoC after due deliberations decided to go ahead with winding-up of the company since the proposal given by Mr. C. K. Prasad for revival of the Corporate Debtor is not acceptable. 6. The fourth COC meeting was held on 2.11.2017, here also all the stakeholders have participated, wherein an email sent by Mr. C.K. Prasad Ex-CMD on 10.10.2017 stating that the proposal of M/s. Craftsvilla could not be ....
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....l cease to have effect and shall be vested in the liquidator; 9. This Bench hereby directs the personnel of the corporate debtor to extend all assistance and cooperation to the liquidator as may be required by him in managing the affairs of the corporate debtor. 10. Since Liquidation order has been passed no suit or other legal proceedings shall be instituted by or against the Corporate Debtor, save and except as mentioned in section 52 of the Code, as to institution of legal proceedings by the Liquidator, he is at liberty to initiate suit or legal proceedings with prior approval of this Adjudicating Authority, but this direction shall not apply to legal proceedings in relation to such transactions as may be notified by the Central Govern....