2019 (9) TMI 1669

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....er made by the Applicant in the Application is to pass an order of liquidation under Sub-section (2) of Section 33 of the Insolvency and Bankruptcy Code, 2016, in respect of the Corporate Debtor viz., M/s. Adept Technology Private Limited 3. Originally CP/ 1210/IB/2018 filed under Section 9 of the I&B Code, 2016 by the Operational Creditor viz., M/s. APM Group Limited, against the Corporate Debtor viz., M/s. Adept Technology Private Limited, was admitted by this Authority vide Order dated 26.03.2019, the CIR Process was initiated against the Corporate Debtor and the Applicant viz., Mr. Ashok Seshadri was appointed as Interim Resolution Professional (IRP). 4. It is averred that pursuant to the Order of this Authority dated 26.03.2019 the I....

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.... Applicants and has recorded that the continued CIR Process would only further add strain to the financial status of the Corporate Debtor, and hence, decided to liquidate the Corporate Debtor. The Resolution passed by the CoC is as follows: "Resolved, considering the lack of assets in the company or business prospects for the company, to apply to NCLT for liquidation without undergoing the process of Resolution. "Resolved further that the Resolution Professional is authorised to apply to NCLT for the same forthwith and to obtain cost effective legal assistance in doing the same. 8. Since no Resolution Plan is received by this Authority under Sub-section (6) of Section 30 of the I&B Code, 2016, before the expiry of the Corporate Insolve....

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....inancial sector regulator. VI. This Order shall be deemed to be a notice of discharge to the officers, employees and workmen of the Corporate Debtor, except when the business of the Corporate Debtor is continued during the liquidation process by the Liquidator. VII. 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 vested with the Company Liquidator viz., Mr. Ashok Seshadri. In addition to this, the Company Liquidator shall exercise the powers and duties as enumerated in Sections 35 to 50, 52 to 54 of the I&B Code, 2016, r/w Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. VIII. The pe....