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2018 (10) TMI 1522 - NATIONAL COMPANY LAW TRIBUNAL, KOLKATASuspension of the voluntary liquidation process initiated by the company - Held that:- What is provided under section 271(a) of the Companies Act is not compulsory liquidation but winding up. It appears to me that in the given set of facts of the case in hand compulsory liquidation or winding up order cannot be passed. Both proceedings are different and the requirements to be meted out are also different. The resolution passed by the members in the EOGM produced is for passing voluntary liquidation. Being satisfied that voluntary liquidation cannot be passed in this case the prayer for suspension of voluntary liquidation can be allowed so that the Company can take steps to have recourse’s under section 271 of the companies Act, 2013 or can take steps for compulsory liquidation by filing an application under section 10 of I & B Code. This application cannot be converted as prayed for. In view of the above said discussion the application is liable to be allowed limiting the prayer for suspension of the voluntary liquidation. In the result the voluntary liquidation of the Applicant Company namely Central Inland Water Transport Corporation Ltd. is hereby suspended as per Reg.40(2) of Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017. The prayer for conversion to an application under section 271 of the Companies Act, 2013 for winding up and for compulsory Liquidation is rejected.
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