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2018 (10) TMI 775 - Tri - Insolvency and BankruptcyLiquidation of corporate debtor - Application filed u/s. 33 of the Insolvency and Bankruptcy Code, 2016 praying for liquidation of the corporate debtor, Bajrangbali Alloys Private Limited - non-receipt of any Resolution Plan to takeover the stressed assets of the corporate debtor - Held that:- On a careful screening of the Progress Reports it is understood that the corporate debtor in the case in hand was non-operational even on the date of filing of this application by the financial creditor and is a closed entity. It has completely closed down its business with no workmen or employees. It is also understood that the Resolution Professional was unable to trace out the books of account and thereby constrained to prepare the Information Memorandum based on information sourced from public domain. However, upon invitation of Resolution Plan no resolution applicant showed any interest to participate in the CIRP and thereby the CoC after due deliberation and discussions decided not to extend the period of CIR P beyond 180 days which has been expired on 13/08/2018. Adjudicating Authority has no other alternative than to pass an order of liquidation requiring the corporate debtor to be liquidated in the manner as laid down in Chapter III of Part II read with Section 33(1) of the Insolvency and Bankruptcy Code, 2016. The Ld. RP was asked to submits his willingness to continue as the Liquidator and since he expressed his consent the RP is to be appointed as the liquidator. In the result the application is allowed by ordering liquidation of the corporate debtor, namely, Bajrangbali Alloys Private Limited in the manner laid down in the Chapter III of Part II of the Insolvency and Bankruptcy Code, 2016,
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