2022 (4) TMI 1037

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....34(1) of the I & B Code, 2016, inter-alia, praying to pass an order of liquidation against the Corporate Debtor herein in the manner as laid down under section 33(a) of Chapter III of I & B Code, 2016, and to appoint Shri K.J. Vinod as Liquidator for administering liquidation process of the Corporate Debtor. 2. Whereas, IA No. 57 of 2022 and IA No. 58 of 2022 in CP (IB) No. 313/7/HDB/2020 are filed by operational creditors to the Corporate Debtor, praying that the RP to admit their respective claims owed to them by the Corporate Debtor, and consequently to allow the applicants to participate the CoC of the Corporate Debtor. 3. CP (IB) No. 313/7/HDB/2020 was filed by the Financial Creditor/Platina Properties and projects Ltd. under section....

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....usly decide to liquidate the Corporate Debtor subject to the approval of Hon'ble NCLT, Hyderabad under sec. 33 of IBC, 2016." 7. Heard Ms. Shreya Mundra, learned advocate for the RP in IA No. 710 of 2021 and Shri K.V. Raman, learned advocate for applicants in IA (IBC) No. 57/2022 and 58/2022 8. In view of the facts and circumstances as put forth by the Resolution Professional in IA No. 710 of 2021 in CP (IB) No. 313/7/HDB/2020 and having regard to the resolutions adopted by the Fifth CoC, and by virtue of the fact that this Adjudicating Authority did not receive any Resolution Plan under Sub-Section (6) of Section 30, this Adjudicating Authority inclines to exercise powers conferred under Sub-Clauses (i), (ii) and (iii) of Clause (b) ....

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....t when the business of the Corporate Debtor is continued during the Liquidation process by the Liquidator. (vii) All the powers of the Board of Directors, key managerial personnel and partners of the Corporate Debtor, as the case may be, shall cease to have effect and shall be vested in the Company Liquidator viz., Shri K.J. Vinod. (viii) In addition to this, the Company Liquidator shall exercise powers and duties as enumerated in Sections 35 to 50, 52 to 54 of the I & B Code, 2016, read with Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. (ix) The personnel of the Corporate Debtor shall extend all assistance and cooperation to the Company Liquidator as may be required by him in managing the affairs o....