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2019 (10) TMI 418 - AT - Insolvency and BankruptcyLiquidation Order - exclusion of certain period to enable the ‘Committee of Creditors’ to accept the ‘Resolution Plan’ - HELD THAT:- Taking into consideration the fact, that ‘Information Memorandum’ was published and in the absence of any viable or feasible ‘Resolution Plan’ order of Liquidation was passed. We are not inclined to interfere with the order dated 10th December, 2018.' During the period of liquidation, the Liquidator is to ensure that the ‘Corporate Debtor’ continues as a going concern and Liquidator is required to act in terms of decision 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 It is clear that during the liquidation process, step required to be taken for its revival and continuance of the ‘Corporate Debtor’ by protecting the ‘Corporate Debtor’ from its management and from a death by liquidation. The Appellant being the Promoter may move before the Liquidator, if he intends to file scheme in terms of section 230 of the Companies Act, 2013. Appeal disposed off.
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