In re Malayalam Vehicles India Private Limited (NCLT Kochi)
NCLT Kochi orders liquidation of the Corporate Debtor [M/s. Malayalam Vehicles India Pvt. Ltd.] as duly approved by CoC and Resolution Professional of Corporate Debtor appointed as Liquidator to carry out Liquidation Process as per the approval of CoC.
Facts- The present application has been filed by the Resolution Professional of the Corporate Debtor, Malayalam Vehicles India Private Limited, seeking to pass an order for Liquidation of the Corporate Debtor under Section 33(2) of the Insolvency and Bankruptcy Code, 20L6; and appoint the Applicant, Resolution Professional as Liquidator under Section 34 of the Code.
Conclusion- It is submitted that under Section 34 of the Insolvency and Bankruptcy Code, 2016, where the Adjudicating Authority passes an order for liquidation of the Corporate Debtor under Section 33, the Resolution Professional appointed for the Corporate Insolvency Resolution Process shall, subject to submission of a written consent by the Resolution Professional to the Adjudicating Authority, act as the Liquidator for the purpose of liquidation. It is submitted that the CoC has approved the resolution to appoint the Resolution Professional as the Liquidator with 89.07% votes. It is further submitted that the Applicant has filed his written consent to act as the Liquidator and prays that this Tribunal may appoint the Applicant as Liquidator under Section 34 of the Insolvency and Bankruptcy Code, 2016.
