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2020 (1) TMI 1495 - Tri - Insolvency and BankruptcySeeking to pass an Order for Liquidating the Corporate Debtor - Sections 33(2) of IBC, 2016 Read with Rule 11 of NCLT Rule, 2016 - HELD THAT:- The Resolution Professional and the CoC of the Corporate Debtor have made best efforts to find a suitable Resolution Plan to revive the business of the Corporate Debtor. However, no suitable Resolution Plan is submitted so as to consider the same by the CoC. Therefore, there is no other alternative for the CoC except to seek an order to liquidate the Corporate Debtor as per the provisions of the Code. The Resolution to initiate liquidation was also approved by the CoC with requisite majority and the instant Application is filed in accordance with law. It is hereby ordered that M/s.Innovative Studios Private Limited, Corporate Debtor be liquidated in the manner as laid down in Chapter Ill of Part Il of Code R/w IBBI (Liquidation process) Regulations, 2016 - Application allowed.
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