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2017 (10) TMI 1507 - Tri - Insolvency and BankruptcyApproval of Resolution Plan - extension of date for submission of resolution plan - statutory time limit for submission of Resolution Plan failed - HELD THAT:- Since statutory time limit of 270 days for submission of Resolution Plan has failed therefore corporate Debtor shall go under liquidation as per provision Chapter 3 of Insolvency & Bankruptcy Code, 2016 read with Insolvency and Bankruptcy Board of India (Liquidation Process Regulation), 2016. Copy of the order may be sent to Registrar of Companies. The liquidator shall issue a public announcement stating that the corporate debtor Nicco Corporation Pvt Ltd. is in liquidation - Moratorium u/s 14 of IBC shall cease to have effect - fresh Moratorium starts under sub section (5) of Sec 33 of IBC.
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