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Successful Process Applicants” or “Successful Process Participant” means, the Qualified Process Applicants whose offer is approved and who isdeclared successful by the Liquidator at the end of the determined auction phase.Sd/-Rajesh Chillale, LiquidatorInd-Barath Power Gencom Limited (in Liquidation) IBBI Reg.
The fee payable to IRP or as the case may be, the RP shall comply with such Regulation, Circulars and Directions as may be issued by the Insolvency and Bankruptcy Board of India (IBBI).
Further, it will be revealed from the IBBI circular dated 12th June 2018 that the advance made to Corporate Debtor for purchase of goods has not been treated as an Insolvency Resolution Process cost.
In view of the difficulties faced for realisation of some of the assets i.e subject matter of the corporate debtor which may not be readily convertible into cash and distributed among the stakeholders of the corporate debtor and/or may require an indefinite time for their realisation on account of peculiar nature of such assets or special circumstances, Regulation 37A has been inserted in IBBI (Liquidation Process) Regulations, 2016, which provides as under: - 37A.
The Liquidator further contends that Chapter IX of IBBI Regulations, 2016 deals with the provision of CIRP cost in detail.
Mr Rajesh Chillale, an Insolvency Resolution Professional registered with the Insolvency and Bankruptcy Board of India (IBBI) vide Registration Number IBBI/IPA-001/IP-P00699 /2017- 18/11226 is appointed as the Liquidator of Ind-Barath Power Gencom Limited by the NCLT (vide order dated August 13, 2021, in IA No. 1189 of 2021 in CP(IB) No. 187/7/HDB/2019) to manage, protect, sell and liquidate the properties, assets, business and other affairs of M/s.
He has a duty to obtain informations from IRP/RP, and the IRP/RP would be duty-bound to give requisite informations to the Liquidator and on failure, the Liquidator will file report before the Adjudicating Authority and will have to refer the matter to IBBI.
In the e-auction held on 13.05.2022, the CD was sold asa going concern under Regulation 32(e) of the IBBI (Liquidation Process) Regulations, 2016 on “As is where is, as is what is, whatever there is and without recourse basis”.
Invitation for submitting Expression of Interest s for Assignment of Not Readily Realisable Assets of Ind-Barath Power Gencom Limited (In Liquidation) Under Regulation 37A of IBBI (Liquidation Process) Regulations, 2016 The Assignment of Not Readily Realisable Assets of M/s Ind-Barath Power Gencom Limited (In Liquidation) having its registered office at H.
Regarding the argument advanced by the Liquidator about IBBI Circular dated 12th June 2018, it is pertinent to mention that the Circular provides that Insolvency Professional is to ensure that fee and other expenses incurred by him are directly related to and are reasonable and necessary for the CIRP.