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2019 (2) TMI 1947 - AT - Companies LawLiquidation Order - Section 33(1) of the Insolvency & Bankruptcy Code - HELD THAT:- The liquidator should act in terms of the directions of the Appellate Tribunal and take steps under Section 230 of the Companies Act. If the members of the ‘Corporate Debtor’ or the ‘creditors’ approach the company through the liquidator for compromise or arrangement by making proposal of payment to all the creditor(s), the Liquidator on behalf of the company will move an application under Section 230 of the Companies Act, 2013 before the National Company Law Tribunal. The steps should be taken for outright sale of the ‘corporate debtor’ so as to enable the employees to continue in service on such outright sale. Appeal disposed off.
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