2022 (9) TMI 1341

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....nd; (ii) To pass such other orders as it deems fit in the above circumstances of the case and thus render justice. 2. From the averments made by the Applicant, it is evident that the CIRP of the Corporate Debtor was initiated on 09.12.2019 and the Applicant herein was appointed as the Interim Resolution Professional ("IRP" for brevity) and the IRP had caused the Public Announcement on 13.12.2019. 3. It was submitted the Ld. Counsel for the Applicant that the IRP has admitted claim from the Financial Creditor viz., Syndicate Bank and constituted CoC with the said Bank as sole member with 100% voting rights. 4. In the 1st meeting of the CoC held on 08.01.2020, the Applicant was appointed as Resolution Professional of the Cor....

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.... 22.07.2021, the CoC approved to receive earnest money deposit (EMD) from the PRAs and asked the Applicant to incorporate the modifications suggested by the CoC in the plan. 8. On 12.11.2021 this Adjudicating Authority granted extension of 90 days and also excluded 354 days in the CIRP period and accordingly the CIRP was extended till 24.08.2021. Pursuant to that the Applicant conducted 8th CoC meeting on 29.11.2021, wherein the CoC permitted the Applicant to file another Application to get further extension. 9. It was further submitted that in the 9th meeting of the CoC on 02.03.2022, the CoC passed a unanimous resolution recommending liquidation of the Corporate Debtor and then said resolution is placed as "Annexure 19" of the Appli....

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....e date of this Application. As such this Adjudicating Authority is left with no other choice but to liquidate the Corporate Debtor. We hereby order the liquidation of Corporate Debtor. Mr. Arumugam Arumugam with Reg No. IBBI/IPA-003/IP-N00094/2017-2018/10936 (email id: [email protected]) is appointed as the Liquidator of the Corporate Debtor to carry out the liquidation process subject to the following terms of the directions:- a) The Liquidator shall strictly act in accordance with the provisions of IBC, 2016 and the attendant Rules and Regulations including Insolvency and Bankruptcy (Liquidation Process) Regulations, 2017 as amended upto date enjoined upon her. b) The Liquidator shall issue the public announcement th....