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2019 (3) TMI 1809 - NATIONAL COMPANY LAW APPELLATE TRIBUNALFailure to make payment of dues in terms with the resolution plan - Appellant submitted that instead of passing order of liquidation, the Adjudicating Authority should have taken steps for revival of the Corporate Debtor by accepting other plan - HELD THAT:- Such submission cannot be accepted. In the situation where a Resolution Applicant succeeds as Corporate Debtor but if fails to comply its assurance in terms of the resolution plan, what step is to be taken has been already been laid down in Sub-section (3) of Section 33 of the I&B Code - the Adjudicating Authority had no option but to pass order of liquidation and could not have resorted to revival of the Corporate Debtor by taking fresh resolution plans.
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