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2018 (9) TMI 1882 - Tri - Insolvency and BankruptcyLiquidation of assets of Corporate Debtor - CIRP under process - expiry of period of 180 days - Section 33(2) of the I&B Code, 2016 - HELD THAT:- It is stated by the Resolution Professional that despite consistent efforts being taken by him, no Resolution Plan was forthcoming in respect of the Corporate Debtor and the period of CIRP expired on 08.08.2018, therefore, the Resolution Professional informed the CoCs that there are two agendas for voting; one for extension of time for 90 days or liquidation. The resolution is put to the vote and ARCIL having 70.11 per cent vote share have voted against the extension of time and voted in favour of liquidation of the Corporate Debtor. The L&T Finance having 29.89 per cent vote have voted in favour of extension of time and voted against liquidation of Corporate Debtor. Hence, resolution for liquidation of Corporate Debtor is approved by 70.11 per cent vote. This Authority orders for liquidation of the Corporate Debtor viz., M/s. Meka Dredging Company Private Limited, which shall be conducted in the manner as laid down in Chapter III of Part II of the I&B Code, 2016 - This Authority appoints the Resolution Professional viz., Mr. Dhiren Shantilal Shah Company Liquidator, who shall issue a public announcement stating therein that the Corporate Debtor is in liquidation - moratorium declared.
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