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2021 (5) TMI 666 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , CHENNAILiquidation of Corporate Debtor - real grievance of the ‘Appellant’ is that the ‘Adjudicating Authority’ had failed to consider the efforts at resolving the debt of the ‘Corporate Debtor’ in the teeth of the Insolvency and Bankruptcy Code, which provides for ‘Liquidation’ in the event of failure of ‘CIRP’ or non-receipt of any ‘Resolution Plan’ within the specified period - HELD THAT:- The claim of the ‘Resolution Applicant’ was rejected by 76.02% of voting share by the ‘Financial Creditors’, in the 23rd ‘Committee of Creditors’ meeting that took place on 30.11.2020, of course, after taking into account of the feasibility and viability, etc., as mentioned in CIRP Regulations. Moreover, e-voting was held from 05.12.2020 to 07.12.2020. This ‘Tribunal’ keeping in mind of a primordial fact that the decision of the ‘Committee of Creditors’ takes a pivotal seat based on ‘Commercial Wisdom’, taking note of the fact that the ‘Committee of Creditors Members’ with 76.02% voting share had voted against the ‘Resolution Plan’ and in the teeth of ingredients of 33(2) of the Insolvency and Bankruptcy Code, 2016, comes to a irresistible conclusion that the ‘impugned order of Liquidation’ in respect of the ‘Corporate Debtor’ passed by the ‘Adjudicating Authority’ is free from legal infirmities - Appeal dismissed.
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