2022 (9) TMI 541

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.... ORDER Per : Kishore Vemulapalli , Member ( Judicial ) I. A. 1237 of 2021 1. The above Application is filed by Mr. Fanendra H. Munot Resolution Professional, seeking liquidation of Shree Ganesh Stampings Private Limited, (hereinafter referred as "Corporate Debtor") under Section 33(1) (a) and 34(1) of Insolvency and Bankruptcy Code, 2016 (hereinafter called as "the Code"). 2. That this Tribunal vide an order dated 06.12.2019 in Company Petition No. 3215 of 2019 admitted the Petition under Section 7 of the Code, filed by Ahmednagar Merchant's Co-Operative Bank Limited (hereinafter referred to as the "Financial Creditor") and Corporate Insolvency Resolution Process (CIRP) was initiated against Shree Ganesh Stampings Private Limi....

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....te the Corporate Debtor in order to avail the maximum realization value of the assets of the Corporate Debtor. In the said meeting, it was also resolved to appoint the Applicant/ RP as the Liquidator of the Corporate Debtor. The relevant extract of the Resolution passed in the 6th Meeting is reproduced hereunder: "RESOLVED THAT the approval of the Committee of Creditors is hereby accorded for liquidation of the Corporate Debtor. FURTHER RESOLVED THAT Mr. Fanendra Munot, the Resolution Professional of Corporate Debtor, be and is hereby authorised to take the necessary steps to file an Application with the NCLT, Mumbai Bench to obtain it's approval for the same." 7. Heard the arguments of the Counsel appearing for the App....

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.... to the ROC under which this Company has been registered. 14. All the powers of the Board of Directors, key managerial persons, the partners of the Corporate Debtor hereafter ceased to exist. All these powers henceforth vest with the Liquidator. 15. That the personnel of the Corporate Debtor are directed to extend all co-operation to the Liquidator as required by him in managing the liquidation process of the Corporate Debtor. 16. That on having liquidation process initiated, 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 a....

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....tion. The meeting of Committee of Creditors was called upon on 04.03.2022 for appointment of another Liquidator in place of Mr. Fanendra Munot in the said meeting (8th COC Meeting) the Resolution Professional stated that he does not have any objection for appointment of another person as liquidator. 5. Heard the Counsel for the Applicant in the matter. To appoint another Liquidator, Section 34 of the Code provides three grounds in which another Liquidator can be appointed. Section 34 is as follows: "34. (1) Where the Adjudicating Authority passes an order for liquidation of the corporate debtor under section 33, the resolution professional appointed for the corporate insolvency resolution process under 1[Chapter-II 2[or for the ....