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2018 (12) TMI 1902 - Tri - Insolvency and BankruptcyLiquidation of the Corporate Debtor - Section 33(2) of the Insolvency and Bankruptcy Code, 2016 (in short, 1&B Code, 2016) read with Rule 11 of the National Company Law Tribunal Rules, 2016 - HELD THAT:- It is stated by the Resolution Professional that in the final Meeting of the CoCs held on 02.05.2018, the CoC has made discussion and deliberation regarding the viability of a revival of the Corporate Debtor and found the same to be negative since the Corporate Debtor which is an Aviation Company, neither had an Aircraft nor a License from DGCA and under such circumstance, pumping of investment towards hiring an Aircraft was commercially unviable. Therefore, the CoCs unanimously has passed a Resolution inter-alia for Liquidation of the Corporate Debtor. The CoC has agreed to the request of one of the suspended Directors of the Corporate Debtor and conveyed its decision to liquidate the Corporate Debtor by duly including and treating the land owned by the personal guarantors and mortgaged to the Financial Creditor as an asset vested with the Corporate Debtor. This authority orders for liquidation of the Corporate Debtor viz., M/s. Air Carnival Private Limited. - Application allowed.
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