TaxTMI 
TaxTMI 
2022 (4) TMI 1001
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....ers Pvt. Ltd. [CIN: U74210AS1998PTC005530], on the ground that there is no business activity carried on by the Corporate Debtor. The Applicant has sought for the following relief: a. For an order for liquidation of the Corporate Debtor with necessary directions which may provide for or in relation toi. Public announcement for liquidation for Corporate Debtor; ii. Appointment of liquidation; iii. Restriction on institution of suit or legal proceedings' by or against the Corporate Debtor; iv. Any other matter as the Hon'ble Tribunal deems proper for conducting liquidation process of the Corporate Debtor. 2. This Adjudicating Authority vide its order dated 10th December, 2021 on a Petition filed by Tata Hitachi Construction Machin....
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....is constituted with the sole financial creditor UCO Bank as per the provisions of Section 21(2) of Insolvency & Bankruptcy Code, 2016. Since, UCO Bank is the sole member of the Committee of Creditors, the UCO Bank has 100% voting rights for matters to be transacted in the CoC meeting. 6. The Committee of Creditors in its first meeting held on 02.02.2022 appointed IRP as Resolution Professional (RP) for the Corporate Debtor. The RP prepared the Information Memorandum (IM) of the CD from the data available with the RP. However, the RP could not provide updated information in the IM as the corporate debtor has not been carrying on its business since 2011. The Books of accounts and other records could not be traced as no office of the corporat....
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....roval of 100% voting of the CoC. The RP also gives its consent to act as liquidator of the Corporate Debtor in Form 2, if order for liquidation is passed by the Hon'ble Tribunal. Copy of the consent has been annexed. 10. Hence, the RP has filed an application under Section 33 (2) of the Code, before the Adjudicating Authority for liquidation of the Corporate Debtor. ORDER 11. We have considered the averments made and heard the Learned RP. 12. After perusing the minutes of the COC meeting held on 23.02.2022, it is found that there is no business activity carried on by the Corporate Debtor. The Corporate Debtor filed its annual report with ROC up to FY 2009- 10. The realizable value of assets of Corporate Debtor is Nil. The CoC has also r....
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....ment (AFA) issued by the Insolvency Professional Agency (IPA) of which he is a professional member, in terms of Regulation 7A of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulation, 2019. 14.3 The Liquidator shall initiate liquidation process as envisaged under Chapter-III of the Code and the Insolvency & Bankruptcy Board of India (Liquidation Process) Regulations, 2016. 14.4 Public Notice shall be issued in the same newspapers in which advertisements were issued earlier during the CIRP, stating that the Corporate Debtor is in liquidation. 14.5 All the powers of the Board of Directors, and of key managerial persons, shall cease to exist in accordance with Section 34(2) of the Code. All these powers are vest....