2022 (6) TMI 311

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....the Corporate Debtor, M/s. VIBRANT FAB PVT. LTD. and appointment of a liquidator of the Corporate Debtor. 2. The facts as narrated in the application and explained by the counsel for the RP are summarized hereunder: (i) The Financial Creditor, M/s. DRIP CAPITAL INC. had filed an application under Section 7 of the Code for initiation of the Corporate Insolvency Resolution Process (hereinafter referred to as the 'CIRP'), against the Corporate Debtor, M/s. Vibrant Fab Pvt. Ltd., which was admitted vide order dated 31.12.2020 and Mr. Krishna Gopal Ratanlal Maheswariwas appointed as Interim Resolution Professional (hereinafter referred to as "IRP"). (ii) The IRP under Regulation 6(1) of the Insolvency and Bankruptcy ....

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....or. (vi) In the 4th CoC meeting held on 04.05.2021, the COC had passed a resolution for the appointment of Registered Valuers and Transaction Auditor. (vii) In the 5th CoC meeting held on 04.06.2021, the CoC had passed a resolution for publication of Form G for inviting EOI from the Proposed Resolution Applicants and accordingly the RP published the EOI on 09.06.2021 in two newspapers namely Sushila Times (English Daily) and Gujarat Mitra (Gujarat Daily) of Gujarat Edition and Free Press Journal (English Daily) and Navakal (Marathi Daily) of Mumbai Edition for Resolution of the Corporate Debtor. The last date for submission of the EOI was 24.06.2021. (viii) The revised report certifying the Constitution of COC was....

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....idate the corporate debtor, any time after its constitution under sub-section (1) of Section 21 and before the confirmation of the resolution plan, including at any time before the preparation of the information memorandum]. 4. Considering the documents and submission made, since the COC in its commercial wisdom has decided to take the Corporate Debtor in liquidation, we are of opinion that the decision of the COC should not be interfered with. The present application seeking liquidation of the Corporate Debtor M/s. Vibrant Fab Private Limited, in the manner laid down in Chapter III of Part II of the Code is allowed. 5. We appoint RP Mr. Kamal Kishor Gurnani, who has also consented to act as a Liquidator and filed his written consent ....