AI Drafter 
TaxTMI 
TaxTMI 
2022 (11) TMI 698
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....f Insolvency and Bankruptcy Code, 2016 ('IBC') for the initiation of liquidation of Corporate Debtor. 2. It is prayed inter alia, by the applicant to pass the liquidation order u/s. 33(2) of the IBC, 2016 in the above mentioned matter of corporate debtor i.e. M/s. Sohrab Textiles Mills Ltd. Appoint Mr. Prem Chand Goyal as the Liquidator and issue a public announcement stating the corporate debtor is in liquidation. Further, send a liquidation order to the authority with whom the corporate debtor is registered.. 3. The brief facts of the case, as stated in the application, is that: 3.1 CIRP was initiated vide order dated 06.10.2021 of this Bench and Sh. Ashok Malik was appointed as Insolvency Resolution Professional (h....
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.... 3.4 In the 6th meeting of CoC held on 31.01.2022, RP apprised the CoC that Form-G was republished on 21.01.2022. The original date of closure of CIRP period was 04.04.2022 i.e. 180 days from commencement of CIRP. Accordingly, IA No. 109 of 2022 filed by IRP was allowed by this Bench vide order dated 21.02.2022 for extension of CIRP period by 90 days beyond 180 days. CIRP end date comes to 03.07.2022 (Annexure-A8). 3.5 The 7th meeting of CoC was held on 02.03.2022, the IRP/RP informed CoC that against the republication of Form-G, to Resolution-applicants had submitted their Expression of Interest (hereinafter referred as EOI) and information memorandum was shared with them but none of the resolution applicant submitted that R....
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....rporate debtor as a going concern in view Reg. 39(C), IBBI Regulations, 2016. As per provisions of Regulation 39(B) CIRP Regulations, 2016, the CoC had rectified the estimated expenses amounting to Rs. 8,35,000/- in the 10th Meeting. The CoC incompliance to Regulation 39(D) had resolved that RP i.e. Sh. Prem Chand Goyal will be appointed as Liquidator to carry on liquidation proceedings of Corporate Debtor and will be entitled to liquidation fee as per Regulation 4(2)(B) of IBBI (Liquidation Process) Regulation, 2016. 5. Now, coming to the merit of the application, before considering the prayer, we would like to refer the Section 33(2) of IBC, and the same is reproduced below:- "Section 33(2): Initiation of liquidation ....
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....received and CoC with 100% voting share passed the liquidation of the corporate debtor. 8. It may be noted that the agenda for the appointment of Resolution Professional as Liquidator has been discussed in the 10th meeting held on 26.05.2022 and was resolved that the Resolution Professional i.e. Sh. Prem Chand Goyal will be appointed as liquidator by 100% voting share (Annexure-A13). The RP gave his consent vide consent form dated 26.05.2022 along with AFA certificate to act as liquidator (Annexure-A14). The relevant provisions for the appointment of the liquidator are mentioned in Section 34 and are reproduced below: Section 34-Appointment of liquidator and fee to be paid. (1) Where the Adjudicating Authority passes an....
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....il.com as the Liquidator. 11. In view of the satisfaction of the conditions provided under Section 33 of the Code, the Corporate Debtor i.e. M/s. Sohrab Textile Mills Ltd., is directed to be liquidated in the manner as laid down in Chapter III of the Code. 12. Accordingly, by exercising our power under Section 33(2) pass the following order:- (i) The Corporate debtor is liquidated with immediate effect in the manner provided under Chapter III Part II of the IBC 2016; (ii) Mr. Prem Chand Goyal bearing Registration No. IBBI/IPA-001/IP-P01780/2019-2020/12710, Mobile No. 9813621782, email: [email protected] is hereby appointed as liquidator; (iii) Mr. Prem Chand Goyal shall take over the charge of the entire r....
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....nkruptcy (Liquidation Process) Regulations, 2016; (ix) The Liquidator shall file regular progress reports as per Regulation 15 of the Insolvency and Bankruptcy (Liquidation Process) Regulations, 2016 every fortnightly thereafter; (x) The Liquidator shall take necessary legal action to recover the trade receivables and other credits such as loans and advances from the parties which are reflected in the latest Balance Sheet of the Corporate Debtor, if any. This direction is hereby given in concurrence of the jurisdiction prescribed under Section 33(5) of the Code. (xi) On initiation of the liquidation process but subject to Section 52 of the Code, no suit or other legal proceeding shall be instituted by or against t....