2022 (8) TMI 614

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....u Rajani, J. (Member (J)) For the Appellant : Mano Ranjani , Advocate ORDER Telaprolu Rajani, J. (Member (J)) 1. This is an Application filed by the Resolution Professional under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016 (the Code) and Rule 11 of NCLT Rules, 2016 seeking orders for Liquidation of the Corporate Debtor i.e. M/s. Guntur Multi Packaging Industries Privat....

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....of claims is 27.11.2021. III. On receiving the claim from one Financial Creditor, the IRP has constituted Committee of Creditors on 11.01.2022. The constitution of COC consisted of the sole financial creditor and a memo was filed before the NCLT. IV. In the 1st CoC meeting held on 11.01.2022, decision regarding expenses undertaken during the CIRP of the Corporate Debtor and fundi....

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.... the CoC did not receive any viable proposal for revival of the Company. The counsel submits that the decision in the IAs pending, will not have any bearing on the allowing of this application. ORDER 5. Heard. In view of the facts stated in the Application, this Tribunal allows the Application with the following directions. a) Mr. Siva Sai Hari Bhaskar Neti, (Registration No. IBBI/I....

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....on with any financial sector regulator. e) All powers of the Board of Directors, Key Managerial Personnel and partners of the Corporate Debtor shall cease to have effect and shall be vested in the Liquidator. f) The liquidator shall exercise the powers and perform duties as envisaged under Sections 35 to 50 and 52 to 54 of the Code, read with Insolvency and Bankruptcy Board of In....