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2019 (8) TMI 588 - AT - Insolvency and BankruptcyExistence of resolution plan - Liquidation passed u/s 33 of the Insolvency and Bankruptcy Code, 2016 - condonation of delay of 11 days in filing appeal - HELD THAT:- We direct the ‘Liquidator’ to take steps of ‘Liquidation’ in terms of the order of this Appellate Tribunal in Y. SHIVRAM PRASAD AND ASSET RECONSTRUCTION COMPANY (INDIA) LTD. VERSUS S. DHANAPAL & ORS. AND SERVALAKSHMI PAPER LTD. & ORS [2019 (5) TMI 386 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI] where it was held that that the liquidator is required to act in terms of the aforesaid directions of the Appellate Tribunal and take steps under Section 230 of the Companies Act. If the members or the ‘Corporate Debtor’ or the ‘creditors’ or a class of creditors like ‘Financial Creditor’ or ‘Operational Creditor’ approach the company through the liquidator for compromise or arrangement by making proposal of payment to all the creditor(s), the Liquidator on behalf of the company will move an application under Section 230 of the Companies Act, 2013 before the Adjudicating Authority i.e. National Company Law ““Tribunal, Chennai Bench Appeal disposed off.
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