Canara Bank Vs Grids Steel & Alloys Limited (NCLT Cuttack)
NCLT Cuttack held that application u/s. 33 of Insolvency and Bankruptcy Code for liquidation of Grid Steel and Alloys Limited deserves to be allowed. Accordingly, liquidator of the Corporate Debtor also appointed.
Facts- This instant application is filed by Canara Bank through Mr. Sanjay Shravan Hedaoo, Chief Manger of the Bank and the sole financial creditor of the Corporate Debtor, Grid Steel and Alloys limited (Applicant) under Section 33 of the Insolvency and Bankruptcy Code, 2016 (Code) for seeking liquidation order of the Corporate Debtor.
Conclusion- Held that the CoC in its 35th meeting resolved to liquidate the Corporate Debtor. In this regard, the COC, in accordance with Regulation 39B of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, resolved and approved the liquidation cost to be decided after the order of Liquidation of the Corporate Debtor, Further, the proposed Liquidator has provided his written consent to act as the Liquidator of the Corporate Debtor and has also agreed to the fees proposed by the CoC. Further, the proposed Liquidator in his written consent has affirmed that he is not subject to any disciplinary proceedings initiated by the IBBI or the Insolvency Professional Agency. As such, the application deserves to be allowed.
