2022 (6) TMI 47

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....el appearing for R-1, one of the suspended members of the Board of Directors of the Corporate Debtor, seeks permission to file reply affidavit. Let it be filed within two weeks with advance copy to the RP. List this matter on 21/06/2022. 3. IA(IBC)/384(KB) 2022 (a) This is an application filed by the RP seeking liquidation of the Corporate Debtor, viz., Dulichand Auto Sales Private Limited [CIN: U50200WB2013PTC193408] on the ground that no Resolution Plan received by him and the CoC at its 7th meeting held on 16/04/2022 by 93% voting share approved liquidation of the Corporate Debtor. (b) This Adjudicating Authority vide its order dated 18/11/2021 Annexure 1 at pages A-1 to A-12 of the application on a petition filed by Vinod Distribut....

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....u/s. 43, 45 and 66 was also filed on 09/04/2022. (d) At the 7th CoC meeting held on 16/04/2022 Annexure 8 at pages A-80 to A-92 of the application, CoC has decided by 93% voting share for liquidation of the Corporate Debtor as the 180 days CIRP period will come to an end on 16/05/2022. (e) The Resolution Professional has expressed his willingness Annexure 9 at pages A-93 to A-95 of the application to act as a Liquidator of the Corporate Debtor. (f) We have considered the submissions made by the Ld. Authorised Representative for the Liquidator and the Liquidator and perused the records. (g) This is a case where no Resolution Plan was received and the 180 days CIRP period will be expiring on 16/05/2022. Therefore, there is no alternat....

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....quired by him in managing the liquidation process of the Corporate Debtor. (vii) On initiation of the liquidation process but subject to section 52 of the Code, no suit or other legal proceeding shall be instituted by or against the Corporate Debtor save and except the liberty to the liquidator to institute suit or other legal proceeding on behalf of the Corporate Debtor with prior approval of this Adjudicating Authority, as provided in section 33(5) of the Code read with its proviso. (viii) In accordance with section 33(7) of the Code, this liquidation order shall be deemed to be a notice of discharge to the officers, employees and workmen of the Corporate Debtor except to the extent of the business of the Corporate Debtor continued du....