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2019 (5) TMI 1663 - Tri - Insolvency and BankruptcyLiquidation Order of Corporate Debtor - automatic consequence upon completion of 270 days on non- receipt of resolution plan be kept pending - Section 33 (I) of the Code - HELD THAT:- Even the statutory provisions as envisages in Section 33 (1) (a) of the Code mandates that "where the Adjudicating Authority before the expiry of the maximum period permitted for completion of the corporation insolvency resolution process under Section 12 does not receive a resolution plan under sub-section (6) of Section 30, it shall pass an order requiring the corporate debtor to be liquidated in the manner as laid down in the Chapter. " Therefore, upon failure of resolution process there being no resolution plan and on completion of the statutory period of 270 days; Liquidation has to follow. Adherence to statutory requirement has to be in toto. When the language of the Code is clear and explicit the Adjudicating Authority must give effect to it whatever may be the consequence. In the factual background and in the absence of any resolution plan and for want of time beyond statutory CIRP period; there is no other alternative but to order for liquidation of the corporate debtor under Section 33 (I) (a) of the Code. The application is allowed by ordering liquidation of the corporate debtor, namely M/S Moser Baer Solar Limited in the manner laid down in the Chapter Ill of Part Il of the Insolvency and Bankruptcy Code, 2016.
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