CHIVAS TRADING PVT LTD Vs. ABHAYAM TRADING LIMITED

JUDGEMENT

(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:-

(2.) In view of the resolution stated above, the following prayers have been made in the IA:-

(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.