2022 (7) TMI 613

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ttee of Creditors (CoC) seeking liquidation of the Corporate Applicant, viz., Mayur Manpower Services Private Limited [CIN: U74910BR1997PTC007952], on the ground that the Corporate Applicant is not carrying on any business since the past three years. The Applicant has sought for the following reliefs: a. Allow the instant Application and pass an order of Liquidation of the Corporate Debtor. b. Appoint Mr. Anang Kumar Shandilya having IBBI registration no. IBBI/IPA-002/IP-N00882/2019-20/12826 as the Liquidator of the Corporate Debtor. 3. This Adjudicating Authority vide its order dated 11 February 2022 on a Petition filed by the Maurya Manpower Services Private Limited ("Corporate Applicant") under section 10 of the Inso....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ch is unrealisable due to reduction of share capital ordered by this Bench on 21 March 2022. 6. Hence, the RP has filed an application under section 33(2) of the Code, before the Adjudicating Authority for liquidation of the Corporate Debtor on expiry of the CIRP period. 7. The Applicant/Resolution Professional, Mr. Anang Kumar Shandilya [Reg. No. IBBI/IPA-002/IP-N00882/2019-20/12826], has agreed to act as liquidator to carry on the process of liquidation and given his consent to act as Liquidator, in terms of section 34(1) of the Code. 8. We have considered the submission made by the learned Counsel on behalf of the Applicant/RP and perused the record. 9. Section 33(2) of the Code enjoins the Adjudicating Authority to pass an o....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....4(2) of the Code. All these powers shall henceforth vest in the Liquidator. f. The personnel of the Corporate Debtor are directed to extend all assistance and co-operation to the Liquidator as required by him in managing the liquidation process of the Corporate Debtor. g. 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. h. In accordance with section 33(7) of th....