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2019 (11) TMI 1763 - Tri - Insolvency and BankruptcyLiquidation of the corporate debtor - Section 33(2) of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- It is pertinent to refer to the statutory provisions provided in Section 33 (2) of the Code which envisages that: “where the resolution professional, at any time during the corporate insolvency resolution process but before confirmation of resolution plan, intimates the Adjudicating Authority of the decision of the committee of creditors (approved by not less than sixty-six percent of the voting share) to liquidated the corporate debtor, the Adjudicating Authority shall pass a liquidation order as referred to in sub- clauses (i), (ii) and (iii) of clause (b) of sub-section(1) - upon failure of resolution process there being no approved resolution plan by Committee of Creditors, liquidation has to follow as recommended by the Committee of Creditors. Adherence to statutory requirement has to be in toto. When the language of the Code is clear and explicit the Adjudicating Authority must give effect to it whatever may be the consequences. In the factual background and in the absence of any approved resolution plan and for want of time beyond statutory CIRP period; there is no other alternative left but to order in conformity with the decision of the Committee of Creditors with loo % voting share, for liquidation of the corporate debtor under Section 33 of the Code. Application allowed.
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