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2018 (10) TMI 1837 - Tri - Insolvency and BankruptcyLiquidation of the corporate debtor - absence of any resolution plan - HELD THAT:- It is stated in the application that the corporate debtor does not have any running business nor any employees. The assets of CD majorly comprise factory land and building situated in Faridabad lying unused and various advances recoverable form related parties of Corporate Debtor. In the absence of any resolution plan it was decided in the 3rd meeting held on 14.06.2018 that the Corporate Debtor cannot be revived and should be liquidated - It is pertinent to note here that the Resolution Professional has submitted its willingness to act as a liquidator and undertook to submit its consent in specified form as per section 34(1) of the Code. Thus, in the absence of any resolution plan and for want of time beyond statutory Corporate Insolvency Resolution Process period; there is no other alternative but to order, in conformity with the 100% decision of the CoC, for liquidation of the corporate debtor under Section 33 of the Code - corporate debtor is ordered to be liquidated - application allowed.
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