2019 (10) TMI 1347 - NATIONAL COMPANY LAW TRIBUNAL , AHMEDABAD BENCH - Insolvency & Bankruptcy

Head Note / Extract:
Liquidation Order - section 33(1) of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- In the 9th CoC meeting, RP apprised the CoC about the revised public announcement made on 25.04.2019 for inviting EoI and the last date for submission was fixed on 06.05.2019. Since, no resolution plan was received, CoC directed the RP to call next meeting of CoC to discuss liquidation - Accordingly, in the absence of any EoI, CoC passed a resolution in its 10th CoC meeting to liquidate the Corporate Debtor Company and further resolved the appointment of RP as liquidator. It is found that CoC voted in favour of liquidation by 100% voting - it is the commercial wisdom of the CoC, as such, we do not found any reason to interfere with the decision of the CoC. Accordingly, the application so filed by the RP is allowed and the RP may continue as liquidator. However, the liquidator is expected to dispose off the Corporate Debtor Company as a going concern. Application disposed off.