2022 (7) TMI 832

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nd Bankruptcy Code, 2016 (hereinafter called "the Code") by Mr. Laxmikant Yeshwant Desai, Resolution Professional (RP) of Global Towers Limited seeking orders for Liquidation of the Corporate Debtor. 2. On perusal of this Application, it is evident that the Company Petition No. 3513 of 2018 filed by the Operational Creditor under Section 9 of the Code was admitted by this Tribunal vide an Order dated 11th March 2019 and subsequently Ms. Dipti Mehta was appointed as the Interim Resolution Professional (IRP). Since she was unwilling to act as IRP, Ms. Rajshree Pardia was appointed as the new IRP and subsequently the Corporate Insolvency Resolution Process (CIRP) commenced on 29th August 2019. A Public announcement in Form A pursuant to Sec....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....was ratified by the Resolution passed by the CoC. All other miscellaneous expenses amounting to Rs. 53,43,503/- were approved and ratified by the CoC. 5. After an interregnum caused due to Covid- 19 pandemic, the Fourth Meeting of CoC was conducted on 16th December 2020 wherein the valuation reports prepared by independent valuers and the Transaction Audit Report dated 20th October 2020 were accepted by the CoC by passing appropriate Resolutions. The Transaction Audit Report of the Corporate Debtor concluded that no Preferential Transactions, Undervalued Transactions, Transactions with the objective of defrauding Creditors and Extortionate Credit Transactions have occurred in the review period. The revised extended CIRP period was set to....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ns, 2016." 7. Looking at the averments and submissions of the Applicant, we are of the considered opinion that this is a fit case for liquidation and, therefore, we hereby order the Liquidation of the Company with directions as follows: ORDER a) The Corporate Debtor, Global Towers Limited, shall be liquidated in the manner as laid down in Chapter-III of the Code. b) The present Applicant, Mr. Laxmikant Yeshwant Desai, the RP of Global Towers Limited is appointed as the Liquidator. c) He shall issue public announcement stating that the Corporate Debtor is in liquidation. d) The Moratorium declared under Section 14 of the Code shall cease to operate and a fresh Moratorium under Section 33(5) of the Co....