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2020 (2) TMI 1329 - AT - Insolvency and BankruptcyLiquidation Order - revival of Corporate Debtor - HELD THAT:- Effort should be made to revive the Corporate Debtor rather than to eliminate the same, we find that this is a fit case for us to exercise inherent powers under Rule 11 of National Company Law Appellate Tribunal Rules, 2016 (NCLAT Rules, 2016 - in short), to do justice. It is necessary to set aside the liquidation Order as well as the CIRP proceedings. The Impugned Order of liquidation and the earlier proceedings of CIRP initiated on admission of Application under Section 9 of IBC, exercising powers under Rule 11 of NCLAT Rules, 2016 - Corporate Debtor is released from the rigour of law and is allowed to functionindependently through its Board of Directors. The Liquidator will hand back the records and management of the affairs of the Corporate Debtor, to the Board of Directors. Appeal disposed off.
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