- (1.) The Resolution Professional filed a report dated 22.11.2017 requesting the Adjudicating Authority/ Tribunal to pass an order of liquidation. In his report he has stated that this Tribunal admitted the petition filed by the Corporate Applicant and appointed CSB Ramesh Kumar Bhat as an Interim Resolultion Professional (IRP) on 28.04.2017. The Corporate Insolvency Resolution Process of 180 days consisting of moratorium period came to an end on 25.10.2017. He has stated in his report as per Regulation No. 6 of the Insolvency & Bankruptcy Board of India (Insolvency Process for Corporate Persons) Regulations, 2016 he has given paper advertisement within thirty days after his appointment.
(2.) He has further stated he took over charge of the affairs of the Corporate Applicant and came to know that almost all employees of the Corporate Debtor left the organisation for non payment of salaries. There was no amount lying in the bank accounts of the Corporate Applicant and the accounts were all frozen by the statutory authorities. Further the Corporate Applicant did not pay rent to the landlord.
(3.) He further stated in his report as per the provisions of Regulation 27 of the Regulations 2016 he had appointed two registered valuers on 04.05.2017 to value the assets and liabilities of the Corporate debtor and accordingly, they submitted their report to him on 29.05.2017. The claims from the creditors is as follows: ;