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2019 (10) TMI 1452 - NATIONAL COMPANY LAW TRIBUNAL BENCH HYDERABADLiquidation of Corporate Debtor - Sections 33 & 34 of Insolvency & Bankruptcy Code, 2016 - HELD THAT:- As per Section 33(1) (a) of the Code, if the Resolution Plan has not received under Section 30(6) with in CIRP period, the Tribunal has no other option but to pass a liquidation order. The Resolution Professional has not filed any Resolution Plan before this Tribunal under Section 30(6) with in CIRP period. By relying on Section 33(1) (a) of the Code, the Resolution Professional having not submitted any Resolution Plan within CIRP period leads to passing an order of liquidation - there are no other alternative except passing an order of liquidation requiring the Corporate Debtor/ Taksheel Solutions Limited to be liquidated in the manner laid down in Chapter 3 of Part 2 of the Insolvency and Bankruptcy Code, 2016. The Application is allowed and Corporate Debtor Taksheel Solutions Limited is ordered to be liquidated.
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