2022 (6) TMI 1182

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....uidate the Corporate Debtor/M/s. PVK Engineers Private Limited; and ii. To appoint Mrs. Mummaneni Vazra Laxmi as the Liquidator of the Corporate Debtor. 2. This Adjudicating Authority, vide Order dated 29.10.2021 admitted the Company Petition bearing CP(IB) No. 106/7/HDB/2021 filed by M/s. Abhirama Steels Limited, for short "Financial Creditor" against M/s. PVK Engineers Private Limited, for short "Corporate Debtor" and initiated CIRP process by appointing Mrs. Mummaneni Vazra Laxmi as Interim Resolution Professional, who was later confirmed as Resolution Professional at the 1st COC Meeting held on 07.12.2021. 3. On assuming charge as Interim Resolution Professional, the Applicant took various steps/actions for completing the....

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....Code, 2016 to reduce further cost, to Liquidate the Corporate Debtor and further resolved that the RP shall file necessary application or IA with Hon'ble NCLT, Hyderabad to liquidate the Corporate Debtor". b) Meeting Liquidation Cost as per Regulation 39B: "The member of COC with 100% voting informed that they will be remitted as per actual costs incurred as per Regulations". c) Regulation 39C Assessment of Sale as a going concern: "The COC Member with 100% voting informed that as there are no business operations in the Corporate Debtor Company therefore the sale of the Corporate Debtor as going concern is not suitable mode for sale of Corporate Debtor in liquidation and they are not recommending this....

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....roceed to pass the Order as follows:-- i. This Adjudicating Authority hereby order for Liquidation of M/s. PVK Engineers Private Limited, which shall be conducted in the manner as laid down in Chapter III of part II of the I & B Code, 2016; ii. This Adjudicating Authority hereby appoint Mrs. Mummaneni Vazra Laxmi as Liquidator as resolved by CoC. She has given her consent in Form-2 and holds AFA which is valid upto 10.11.2022. She shall issue a public announcement stating therein that the Corporate Debtor is in Liquidation; iii. The moratorium declared under Section 14 of the I & B Code, 2016, shall cease to have effect from the date of the order of Liquidation; iv. Subject to Section 52 of the I & B Code....