AI Structured Summary
Not yet generated for this judgment
Judgment
O R D E R
IA (IBC) 1522/2023
Ld. RP Smt. Mummaneni Vazra Laxmi in person present.
This application is filed by the RP, seeking for initiation of the liquidation proceedings against the CD, on the ground that despite publication of Form –G. No resolution plans were received for resolution of the CD. Hence, the COC vide its meetings 08.09.2023 voted with 100% voting for liquidation of CD. It is represented by the RP that the assets of the CD for liquidation are of value of Rs. 20 Lakhs. Therefore, considering the facts and circumstances we feel it appropriate to direct initiation of liquidation process against the CD. Now taking into consideration the circular of the IBBI/IPA-003/ICAI-N-00384/2021-2022/13926 the person recommended by the COC, Mr. Gullapalli Kishore Babu is here by appointed as the liquidator and he shall carry out the process in a time bound and expeditiously following the due procedure.
With this direction petition is allowed and disposed of.