AI Structured Summary
Not yet generated for this judgment
Judgment
ORDER
The Applicant is represented through their respective Learned Counsel/PCS(s).
The instant application is filed on behalf of the resolution professional with such prayer, to pass an order for the liquidation of the Corporate Debtor Company i.e Baffin Engineering Projects Limited wherein registration No. L29199GJ1995PLC027455 having registered office with the ROC, Gujarat, seeking liquidation of the Company.
This Adjudicating Authority on the basis of petition so filed by the Uniworld Telecom Limited under Section 7 of the Insolvency & Bankruptcy Code, commenced the CIRP by appointing IRP.
The COC in its forth meeting held on 02.04.2019 resolved that since, the company has not received any resolution plan therefore, the member of COC decided to recommend for liquidation of the corporate Debtor and accordingly passed a resolution to go for the liquidation and further resolved to keep continue the resolution professional Mr. Lekhraj Bajaj as a liquidator.
We Peruse the contents of the application along with records annexed therewith and the grounds mentioned at page no. 19 para no. 5.1, this Adjudicating Authority is of a considered view that a liquidation order may be passed in respect of Corporate Debtor Baffin Engineering Projects Limited since, there is a 100% voting of the members of the COC favouring liquidation process. In view of the above, it is hereby directed that the liquidator shall issue notice for public announcement stating that the Corporate debtor is under liquidation.
This Adjudicating Authority hereby appoint the resolution professional as 'Liquidator' under section 34(1) of the Code. The Liquidator shall send an intimation to the Registrar of Companies with which the Corporate Debtor is registered.
The liquidator shall act as per Section 35 of Insolvency and Bankruptcy Code, 2016, subject to directions of this Authority.
Accordingly, IA no. 302 of 2019 is allowed and stands disposed of.