TaxTMI 
TaxTMI 
2022 (7) TMI 354
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....s been filed by Interim Resolution Professional to liquidate Corporate Debtor under Section 33(1) of the Insolvency & Bankruptcy Code, 2016. In this case, the petition for initiation of CIRP process by the Corporate Debtor under Section 10 of the IBC, 2016 was admitted by this Tribunal by order dated 24.01.2020 and Mr. Atul Mittal was appointed as Interim Resolution Professional in respect of the CIRP pertaining to the company. 2. It has been submitted by the Applicant ("IRP") that he took all the necessary steps in terms of Regulation 6 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulation 2016 (IBBI Regulations 2016) and made the requisite public announcement inviting the creditors of the company to submit their resp....
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....single claim from any entity or individual till the last date of submission of claims i.e. 07.02.2020. Hence, the applicant could not file any list of any creditors of the company before this Tribunal in terms of Regulation 13(2)(d) of the IBBI Regulations, 2016. It is further submitted by the applicant that as no claim has been received the present applicant could not form any Committee of Creditors (CoC) in terms of Regulations 17 (1) of the IBBI Regulations, 2016. Accordingly, the applicant filed a 'NIL' report dated 20.02.2020 before this Tribunal. A true copy of the said 'NIL' report is annexed with the main petition and marked as Annexure-6. 6. It is further submitted by the applicant that since no CoC could be constituted in the p....
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....quidation. 33. (1) Where the Adjudicating Authority, - (a) before the expiry of the insolvency resolution process period or the maximum period permitted for completion of the corporate insolvency resolution process under section 12 or the fast track corporate insolvency resolution process under section 56, as the case may be, does not receive a resolution plan under sub-section (6) of section 30; or (b) rejects the resolution plan under section 31 for the non-compliance of the requirements specified therein, it shall- (i) pass an order requiring the corporate debtor to be liquidated in the manner as laid down in this Chapter; (ii) issue a public announcement stating that the corporate de....
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....y exercising our power under Section 33(1) pass the following order:- i. The Corporate debtor is liquidated with immediate effect in the manner provided under Chapter III Part II of the IBC 2016; ii. Since the IRP has given his consent to act as Liquidator, therefore, Mr. Atul Mittal bearing Registration No.IBBI/IPA-001/IP-P00439/2017- 18/10762, resident of 174, Balco Apartments, Plot No.58,IP Extn., Patparganj, New delhi-110092, Mobile No. 9871830777, e-mail: [email protected]. The Law Research Associate of this Tribunal has checked the credentials of proposed Liquidator and nothing adverse has been found on record, therefore, Mr. Atul Mittal, is hereby appointed as liquidator; iii. The liquidator is directed ....
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....e Corporate Debtor, if any. This direction is hereby given in concurrence of the jurisdiction prescribed under Section 33(5) of the Code. ix. 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. x. That all the powers of the Board of Directors, key managerial personnel and the partners of the Corporate Debtor, as the case may be, shall cease to have effect and shall be vest....