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2019 (1) TMI 386 - Tri - Insolvency and BankruptcyLiquidation of the Corporate Debtor viz., M/S. Ashok Magnetics Limited - permission to Liquidator to dispose of the assets of the Corporate Debtor as a “going concern” basis - Held that:- In view of the facts and circumstances recorded by Resolution Professional in MA/ 163/2018 filed in CP/55i/IB/2017, this Adjudicating Authority did not receive any Resolution Plan under Sub-section (6) of Section 30. Therefore, in exercise of powers conferred under Sub-Clauses (i) (ii) and (iii) of Clause (b) of Sub- Section (I) of Section 33 of the I&B Code, 2016, this Authority proceeds to pass Liquidation Order - The Liquidator is also permitted to continue the operations of the Corporate Debtor and allowed to liquidate and dispose of the assets of the Corporate Debtor as a “going concern” basis - application disposed off.
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