AI Structured Summary
Not yet generated for this judgment
Judgment
ORDER
Mr. Ankit Dighe, Ld. Counsel for the Liquidator is present.
Record reveals that the matter was listed on Board on 20.01.2025, on which date, it was informed to this Bench that the incumbent Liquidator has been found guilty in the inquiry conducted by the disciplinary committee and the incumbent Liquidator had tendered his unwillingness to discharge his duties as the Liquidator of the Corporate Debtor. It was directed by this Bench that the incumbent Liquidator shall convene a meeting of Stakeholders’ Consultation Meeting and inform this Bench the new Liquidator to be appointed in the matter. However, no name has been notified by the Stakeholders’ Consultation Committee.
In that view of the matter, we, thus, find it proper and appropriate to appoint new Insolvency Professional from the Panel of the Insolvency and Bankruptcy Board of India who shall discharge their duties as Liquidator of the Corporate Debtor. Accordingly, we appoint Mr. Anshul Gupta, having Insolvency Registration No. IBBI/IPA-002/IP-N00310/2017-2018/10899 to act as the Liquidator of the Corporate Debtor. The Liquidator for conduct of the Liquidation proceedings would be entitled to the fees as provided in Regulation 4(2)(b) of the IBBI (Liquidation Process Regulations), 2016. The Liquidator shall exercise the powers and perform duties as envisaged under Sections 35 to 50 and 52 to 54 of the Code read with the Liquidation Process Regulations.
Needless to say, the newly appointed Liquidator of the Corporate Debtor shall move an application seeking their impleadment as Liquidator in place of outgoing Liquidator, in all the pending Applications, arising out of the present Company Petition, forthwith if such substituted is required. Further, the newly appointed Liquidator of the Corporate Debtor shall settle all dues, if any, pending of the Outgoing Liquidator of the Corporate Debtor in terms of Section 53 of the I B Code, in accordance with the availability of funds. Outgoing Liquidator of the Corporate Debtor shall handover all the records, effects, documents, information whatever available with them, in the Physical and Electro Format, to the newly appointed Liquidator of the Corporate Debtor, forthwith.
Liquidator shall make their best and dedicated efforts to complete the Liquidator Process as early as possible within the time and shall file and place on record Quarterly Progress Report, as per Regulation 15 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, thereby apprising the Bench about the current stage of the Liquidation Process and the steps taken by the Liquidator in such time.
Stand over to 07.07.2025, for further consideration.