2022 (6) TMI 1184

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....Code allowing the liquidation of the Corporate Debtor. b. That this Adjudicating Authority be pleased to appoint Mr. Anil Seetaram Vaidya (IBBI/IPA-002/IP-N00067/2017-18/10145) as liquidator for undertaking the liquidation process of the Corporate Debtor as per the provisions of the Code along with all the powers to engage, appoint such advisors or any other advisors as he may deem fit in order; 2. Brief facts as stated by the counsel for the Applicant are as follows:- a. That this Adjudicating Authority vide its order dated 26.03.2021 admitted the captioned Company Petition ("Admission Order") and initiated the Corporate Insolvency Resolution Process ("CIRP") in respect of the Corporate Debtor and appointed this applic....

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.... e. That the CoC members have also unanimously proposed Mr. Anil Seetaram Vaidya (IBBI/IPA-002/IP-N00067/2017-18/10145) to be appointed as the Liquidator. The consent form of the said proposed Liquidator is also filed along with this application. The proposed Liquidator i.e., Mr. Anil Seetaram Vaidya may be appointed on following terms and conditions: i. Professional fees of Liquidator-Rs. 75,000/- per month plus GST as applicable and ii. Other costs & expenses such as Administrative costs and out of pocket expenses, public announcement, etc. to be paid on actual basis. 3. That on 12.10.2021, the RP filed a memo enclosing minutes of 5th CoC meeting dated 29.09.2021, enclosing necessary resolutions passed under R....

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....ct to Section 52 of the I & B Code, 2016, no suit or other legal proceedings shall be instituted by/or against the Corporate Debtor. However, a suit and other legal proceedings may be instituted by the Liquidator, on behalf of the Corporate Debtor, with the prior approval of this Authority. (v) We make it clear that para (iv) hereinabove shall not apply to legal proceedings in relation to such transactions as notified by the Central Government in consultation with any financial sector regulator. (vi) This Order shall be deemed to be a notice of discharge to the officers, employees and workmen of the Corporate Debtor, except when the business of the Corporate Debtor is continued during the Liquidation process by the Liquida....