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2021 (11) TMI 474 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHILiquidation of the corporate debtor - Applicability of time limitation - section 33 of I&B Code - HELD THAT:- It is recalled that the CIRP of the Corporate Debtor was initiated on 14.2.2020 and the decision by the CoC regarding moving for liquidation of Corporate Debtor was taken in its meeting dated16.6.2021. Thus, there is a passage of 16 months from the initiation of CIRP to the decision by CoC to move for liquidation. The Hon’ble Apex Court has held in many judgments that proceedings under IBC should be completed in a time-bound manner. Moreover, if any resolution plan is not approved by CoC, the provision of section 33 of IBC has to kick in, with no option but to go for liquidation of the Corporate Debtor. The catena of judgments cited by the Learned Counsel for Appellant, relate to cases where applications were filed under section 12A of the IBC. In the instant case, no application was filed under Section 12A of IBC since there was no OTS that was acceptable to the Respondent No. 2 bank. Hon’ble Supreme Court has held in many matters that the decision of the COC, taken in its commercial wisdom, should prevail unless such a decision has some legal infirmity. The impugned order passed by the Adjudicating Authority for liquidation of the corporate debtor, need not be interfered - appeal dismissed.
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