2022 (4) TMI 525

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....y Code, 2016 (hereinafter referred to as "Code") for liquidation of the Corporate Debtor. 2. This Adjudicating Authority, vide order dated 18.12.2020, had admitted the application filed by Bank of India under Section 7 of Code for initiation of Corporate Insolvency Resolution Process ('CIRP') of the Corporate Debtor and appointed Mr. Shalabh Kumar Daga as the Interim Resolution Professional ('IRP'). 3. In compliances of Section 21 of Code read with Rule 6 & 8 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (hereinafter referred to as "CIRP Regulation"), the IRP constituted CoC. 4. Mr. Shalabh Kumar Daga IRP was appointed as Resolution Professional i....

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....g concern. Thereby, the CoC in the 4th meeting held on 24.08.2021 had unanimously resolved to liquidate the Corporate Debtor as going concern and also resolved to appoint the Applicant herein Mr. Shalabh Kumar Daga bearing registration No. IBBI/IPA-001/IP-P00071/2017-18/10157 as a liquidator under Section 34(4) of the Code. The resolution of CoC is reproduced herein: "Resolved further that the minimum monthly fees of Rs. 1,00,000/- per month is be and hereby approved to be paid to Mr. Shalabh Kumar Daga as liquidator. The fees will be paid by CoC on presentation of bill, including the period of stay, if any. This minimum fee will be deducted from the fee payable as per Insolvency and Bankruptcy of India (liquidation process) Regula....

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....ng Authority shall pass a liquidation order as referred to in sub-clause (i), (ii) and (iii) of clause (b) of Sub-Section (1)" 10. We hereby pass the order of liquidation of the Corporate Debtor M/s. Raghukul Cottex & Processing Pvt. Ltd., with following directions: 1) The liquidation of the Corporate Debtor is effective from the date of this order and the Moratorium declared vide order dated 18.12.2020 u/s. 14 of the Code cease to exist. The moratorium u/s. 33(5) of the Code shall be commence from the date of this order. 2) The CoC had resolved to appoint the RP as the Liquidator. Mr. Shalabh Kumar Daga resolution professional has filed his written consent to act as liquidator in form AA which is on record. We hereby a....