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2020 (2) TMI 1504 - Tri - Insolvency and BankruptcyLiquidation of Corporate Debtor - time limitation - HELD THAT:- The date of default as well as question of extended period of limitation upon production of balance-sheet were all considered at length by this Bench in deciding the points raised upon the submission on both the sides. It appears that, it is not committed any error apparent on the face of records or mistake in applying the law of the land as on the date of passing of the order and therefore, the application filed at the fag-end of the expiry of CIRP period of 180 days praying for recalling the order for re-agitating the already entertained issues could not be allowed. This Adjudicating Authority has no power to recall or re- appreciate the evidence already led. Even if this Adjudicating Authority has committed any judicial mistake, it was right of the applicant to approach the higher authorities by preferring an appeal, the attempt of the corporate debtor is to abuse the process of law without exhausting its remedy. RP submits that since the period has elapsed, there is no chance of getting prospective resolution applicant who turned up or it is fair and just to pass an order of liquidation. The CoC consists of only one financial creditor, who is the applicant-State Bank of India. It opted not to get an order of extension and it further submits that the CoC has decided to replace the existing RP by Mr. Sanjay Kumar Agrawal, whose written consent has been given for continuing as the liquidator and that the RP Mr. Balasubramanium Govindarajan showed his unwillingness to continue due to health reasons. Accordingly, Mr. Sanjay Kumar Agrawal is to be appointed as the liquidator and since no resolution plan is forthcoming within the period of CIRP which expired on February 4, 2020, we have no other alternative but to pass an order of liquidation under section 33(1)(a) of the Code. Application allowed.
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