Mohd. Sharief Tariq, Member - (1.) Under consideration is an IA 36/2017 filed under Section 33 (2) of the Insolvency and Bankruptcy Code, 2016 (I&B Code, 2016 for short) for initiation of Liquidation Proceedings against M/s. Abhayam Trading Limited, (hereinafter called 'Corporate Debtor5) as approved by the Committee of Creditors (for short, CoC). The CoC in its 3rd meeting dated 25.09.2017, unanimously passed a resolution to liquidate the Corporate Debtor. The operative part of the Resolution is reproduced below:- "The Corporate Debtor may be liquidated in accordance with provisions of Sec 33(2) of IB Code and Resolution Professional Mr. Rakesh Chaturvedy be and hereby authorised to move necessary application with Hon'ble National Company Law Tribunal, Chennai Bench for liquidation of the Corporate Debtor"
(2.) In view of the resolution stated above, the following prayers have been made in the IA:- "(i) requiring the corporate debtor to be liquidated in the manner as laid down in Chapter III of the IB Code; (ii) to appoint the present resolution professional appointed for the corporate insolvency resolution process under Chapter III to act as the liquidator for the purposes of liquidation; (Hi) that the moratorium as per section 14 of the Code shall cease to have effect from the date of such liquidation order.
(3.) The case under reference is that an Application under Section 7 of the I&B Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 was filed by M/s. Chivas Trading Pvt. Ltd. (Financial Creditor) against M/s. Abhayam Trading Limited (Corporate Debtor), which, vide Order dated 31.05.2017 was admitted by this Adjudicating Authority, the Corporate Insolvency Resolution Process was initiated against the Corporate Debtor, the moratorium was declared and IRP/RP was appointed.;