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2019 (6) TMI 75 - Tri - Insolvency and BankruptcyInitiation of the Liquidation Proceedings against the Corporate Debtor - Liquidation of Corporate Debtor under section 33(1)(a) of the I&B Code - carrying on the business of the Corporate Debtor for its beneficial liquidation in terms of section 35(1)(e) of I&B Code - appointment of Applicant/Resolution Professional as the Liquidator under section 34 of the I&B Code - HELD THAT:- In the grounds, the Resolution Professional has stated that as per Section 33(1)(a), upon completion of the maximum period under section 12 of the I&B Code, 2016, this Authority may pass an order requiring the Corporate Debtor to be liquidated as laid down under Chapter III of the I&B Code, 2016. It is stated by the Resolution Professional that no Resolution Plan was approved by the CoC, the maximum period of 270 days has also been completed on 30.10.2018, and therefore, the Corporate Debtor may be ordered for liquidation on a 'going concern' basis - Since, no Resolution Plan has been received by this Authority under sub-section (6) of Section 30 of the I&B Code, 2016, before the expiry of the maximum period of 270 days of CIR Process, the Corporate Debtor has to be ordered for Liquidation. Application filed by the Resolution Professional under Section 33(l)(a) of the I&B Code, 2016, for initiation of the Liquidation Proceedings against the Corporate Debtor viz., M/s. Summer India Textiles Mills Private Limited is allowed.
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