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2019 (11) TMI 1691 - NATIONAL COMPANY LAW TRIBUNAL BENGALURU BENCHSeeking liquidation of Corporate Debtor - section 33 (2) of the IBC, 2016 - HELD THAT:- As per provisions of the Section 33 of the Code, the Adjudicating Authority has to pass an order for liquidating the Corporate Debtor in the manner as laid down in the Code, to issue public announcement that Corporate Debtor is in liquidation process etc., provided the Adjudicating Authority, do not receive any Resolution Plan during the time granted by the Adjudicating Authority (180 days + 90 days as the case may be) In the instant case, as stated supra, the Resolution Plan submitted by Mr. H.S.Bedi was rejected, and the statutory time granted under the provisions of the Code is available up to 25.09.2019. The instant Application is filed on 24.09.2019 seeking to pass an Order for liquidating the Company u/s 33(1) of the Code, the Resolution for the same was approved by 8th COC held on 23.09.2019, consisting of representatives of State Bank of India, ICICI Bank Limited and L&T Infrastructure Finance Company Limited with 92.63% voting in favour, while OBC dissented. M/s. IDEB Projects Pvt. Ltd., Respondent/ Corporate Debtor, is directed to be liquidated in the manner as laid down in Chapter III (Liquidation Process) of Part II of the Code - application allowed.
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