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2018 (11) TMI 1872 - NATIONAL COMPANY LAW TRIBUNAL, SINGLE BENCH, CHENNAISeeking liquidation of the Corporate Debtor - seeking to allow the Liquidator to dispose of the assets of the Corporate Debtor as a “going concern” basis - Sections 33(1)(a) and 34 (1) of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- In view of the facts and circumstances recorded by Resolution Professional, this Adjudicating Authority did not receive any Resolution Plan under Sub-section (6) of Section 30. Therefore, in exercise of powers conferred under Sub-Clauses (i) (li) and (iii) of Clause (b) of SubSection (1) of Section 33 of the I&B Code, 2016, this Authority proceeds to pass Liquidation Order - this Authority hereby orders for liquidation of the Corporate Debtor viz., M/s. Ashok Magnetic Limited, which shall be conducted in the manner as laid down in Chapter III of part II of the I&B Code, 2016. Application allowed.
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