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2018 (1) TMI 1674 - NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCHLiquidation of the company based on the resolution passed by the complete majority of the Committee of Creditors - section 33(2) of the Insolvency & Bankruptcy Code - HELD THAT:- Since Liquidation order has been passed no suit or other legal proceedings shall be instituted by or against the Corporate Debtor, save and except as mentioned in section 52 of the Code, as to institution of legal proceedings by the Liquidator, he is at liberty to initiate suit or legal proceedings with prior approval of this Adjudicating Authority, but this direction shall not apply to legal proceedings in relation to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. The order shall be deemed to be a notice of discharge to the officers, employees and workmen of the Corporate Debtor except to the extent of business the Corporate Debtor carrying - it is directed that the fee shall be paid to the Liquidator as envisaged under Regulation 4 of IBBI (Liquidation Process) Regulations, which forms part of the liquidation cost. Application allowed.
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