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2019 (6) TMI 523 - AT - Insolvency and BankruptcyInitiation of liquidation of the Corporate Debtor - absence of approved Resolution Plan - HELD THAT:- The Appellants have made out a case of exclusion of 21 days for counting the period of 270 days i.e. the period during which the Resolution Process could not proceed. Now having received the opinion of Committee of Creditors and taking into consideration that the Resolution Plan has been approved with 71.029% of voting shares and that the 700 workmen of Corporate Debtor can be saved from retrenchment, we set-aside the impugned order dated 11th March, 2019 passed by the Adjudicating Authority as also the consequential order(s) and remit the case to Resolution Professional to place the Resolution Plan before the Adjudicating Authority for order under Section 31 of the I&B Code. Appeal allowed.
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