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2019 (5) TMI 1294 - Tri - Insolvency and BankruptcyLiquidation of the corporate debtor - Section 33(1) of the Code - required percentage of the voting share not present - HELD THAT:- As per Section 33(2) of the Code, the decision of the COC to liquidate the corporate debtor is required to be approved by not less than 66% of the voting share - In the present case, it is stated that in the second meeting of the COC held on 29.09.2018, only 36.87% of the total voting share of COC were present and unanimously decided for liquidation of the corporate debtor. The decision of the COC to liquidate the corporate debtor does not therefore, have the approval of the required percentage of the voting share. Section 33(1)(a) of the Code inter alia states that where the Adjudicating Authority, before the expiry of the CIRP, does not receive a resolution plan under Section 30(6) of the Code, it shall pass an order requiring the corporate debtor to be liquidated in the manner as laid down in Chapter 3 of the Code - In the present case, no such resolution plan has been received. The corporate debtor to be liquidated in the manner as laid down in Chapter III of the Code. Ratification of expenses and fee of IRP/RP during the CIRP - HELD THAT:- So far as the claim with regard to expenses of RP is concerned, the learned counsel for the RP submits that the same would be made part of the liquidation cost or the cost of Corporate Insolvency Resolution Process and therefore, the prayer presently is confined only with regard to the liquidation of the corporate debtor for which the COC has taken a decision on 29.09.2018. In accordance with Regulation 13 of the Liquidation Process Regulations, 2016, the ‘Liquidator’ shall file his preliminary report within 75 days and to file regular progress reports as per Rule 15 of the Liquidation Process Regulations 2016 every fortnightly thereafter - It is clarified that the Financial Creditors are not debarred from having recourse to enforce the personal guarantees and to take proper steps in this regard. Application disposed off.
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