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2020 (1) TMI 1379 - Tri - Insolvency and BankruptcyLiquidation of the Company - Section 33(2) of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- This company petition was admitted on 20.09.2018 by appointing Mr. Gyan Chand Narang as Interim Resolution Professional. Thereafter upon the publication for claim applications, the Resolution Professional having received claims from the Creditors, on collation of claims, the claims in aggregate has come to ₹ 444.60 crores. Thereafter, the same Interim Resolution Professional was confirmed by the COC to continue as Resolution Professional, in pursuance thereof, he appointed two valuers for determination of the liquidation value of the Company, subsequently he determined the liquidation value of the Company as ₹ 119.36 crores based on the average of the valuation given by the two valuers. Upon placing those two plans, since COC felt that those two plans were constituted with a conditional arrangement and not reflecting the value of the Corporate Debtor, the COC has, summarily rejected those two plans not for they are not viable, and passed a resolution on 22.10.2019 for liquidation of the Corporate Debtor with 87.30% voting with a recommendation to appoint same Resolution Professional as Liquidator. The COC has taken an opinion in its commercial wisdom coming to a conclusion that those two plans with conditions are not viable to maximise the value of the assets of the Corporate Debtor, therefore COC has passed a resolution with requisite majority proposing for liquidation of the Company, accordingly liquidation of the company is ordered with the directions imposed - application disposed off.
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