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2018 (5) TMI 459 - NATIONAL COMPANY LAW TRIBUNAL, CHANDIGARHInitiating of insolvency resolution process - Committee decided with 100% votes that the resolution process of the corporate debtor hereby fails and committee resolved for liquidation of the corporate debtor - replacement of resolution professional by the Committee of Creditors - Held that:- Committee of Creditors has unequivocally decided that the corporate debtor be liquidated. The resolution professional intimated the Adjudicating Authority in this regard vide his final report dated 22.01.2018 (Diary No.233 dated 22.01.2018). In view of these circumstances, the corporate debtor is to be liquidated in the manner laid down in Chapter III of the Code. The further resolutions clearly bring out that all the members of the committee of creditors resolved to replace and not to go ahead with the existing resolution professional Shri Amit Sharma for liquidation process. The resolution was also for taking fresh consent from another registered insolvency professional to act as liquidator. In these circumstances, the replacement of the resolution professional is not being sought for the corporate insolvency resolution process. Section 27 of the Code is therefore not applicable. The request for replacement of the resolution professional for acting as liquidator cannot be accepted. The conditions prescribed by Section 34(4) of the Code for replacement of resolution professional are not satisfied in the present case in as much as no resolution plan has been submitted by the resolution professional under section 30 and therefore, its rejection for failure to meet the requirements mentioned in Section 30(2) of the Code does not arise and neither has the Board recommended the replacement of resolution professional to the Adjudicating Authority. We pass the order requiring the corporate debtor M/s Tirupati Ceramics Ltd. to be liquidated and appoint Shri Amit Sharma, resolution professional as the liquidator for the purposes of liquidation. The ‘Liquidator’ shall publish public announcement in accordance with Regulation 12 of the IBBI (Liquidation Process) Regulations, 2016 and in Form B of Schedule II of these Regulations within five days from today calling upon the stakeholders to submit their claims as on liquidation commencement date and provide the last date for submission of claim which shall be 30 days from the liquidation commencement date. The liquidator shall exercise the powers and perform the duties as prescribed under various provisions and the Code, Regulations and the applicable Rules.
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