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2019 (9) TMI 709 - NATIONAL COMPANY LAW TRIBUNAL, MUMBAI BENCHLiquidation Order - section 33(2) of the Insolvency Code - HELD THAT:- An Order u/s.33(2) ought to be passed by NCLT approving the commencement of 'Liquidation' as resolved by members of Committee of Creditors as well as by the members of Joint Lending Forum. This Section prescribes that where the Adjudicating Authority is informed about the rejection of the Resolution Plan u/s.31 of The Code, it shall pass an Order requiring the Corporate Debtor to be liquidated. Further, Sub-section (2) says that, anytime during the Insolvency Process if Resolution Professional intimates the Adjudicating Authority the decision of the Committee of Creditors to liquidate the Corporate Debtor, the Adjudicating Authority shall pass a Liquidation Order under this Section. The mandate of this Section is unambiguous to the extent that the decision of the Committee of Creditors is simply to be approved by the Adjudicating Authority. The provisions of Section 33(2), the proposal of Liquidation, as voted in favour by the members of Committee of Creditors, is hereby approved.
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