Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2019 (12) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (12) TMI 1369 - Tri - Insolvency and BankruptcyLiquidation of the Corporate Debtor - Section 33(2) of the IBC, 2016 - HELD THAT:- At the time of hearing, there was an objection by the suspended director before this Tribunal. The suspended director has submitted that he is willing to settle the entire dues of the Bank of India, who constitute more than 90% of the total value of credit. However, this Tribunal has granted ample time to the suspended director to settle of its dues to the Financial Creditor and then approach this Tribunal by filing an application under Section 12A of the IBC, 2016, but it never fructified - Since there was no invitation for Expression of Interest was issued, the CoC based on commercial considerations has decided to liquidate the Corporate Debtor. Taking into consideration the provisions of Section 33 of IBC, 2016 and also guided by the decision of the Hon'ble Supreme Court in the matter of Mr. K. Sasidharan -Vs- Indian Overseas Bank [2019 (2) TMI 1043 - SUPREME COURT] this Tribunal orders for the liquidation of the Corporate Debtor. Application allowed.
|