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2020 (2) TMI 693 - Tri - Insolvency and BankruptcyLiquidation of the corporate debtor - Section 33 of the Insolvency and Bankruptcy Code, 2016 - time limitation - HELD THAT:- In the present case there is no dispute that expression of interest was invited on three occasions on 19.03.2019, 03.05.2019 and on 22.06.2019. Nevertheless, there was no acceptable resolution plan. That apart the initial insolvency period has since expired on 06.08.2019. In the facts CoC with 66% vote share decided to go for liquidation of the corporate debtor. Under the provisions of the Code CoC is the decision taking body and is the competent authority for taking appropriate commercial decision. Adjudicating Authority ought not transgress into the commercial decision and jurisdiction of the CoC. Upon failure of resolution process there being no acceptable resolution plan and as per decision of the CoC with requisite majority voting share; Liquidation has to follow in terms of sub-section 2 of Section 33 of the Code. Adherence to statutory requirement has to be in toto. When the language of the Code is clear and explicit the Adjudicating Authority must give effect to it whatever maybe the consequences - in the absence of any acceptable resolution plan; there is no other alternative but to order in conformity with the requisite majority decision of the Committee of Creditors for liquidation of the corporate debtor under Section 33 (2) of the Code. Liquidation of the company ordered.
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