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2020 (9) TMI 652 - Tri - Insolvency and BankruptcyLiquidation of the Corporate Debtor - Section 33(2) of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- J&K Bank with 20.71% vote share voted for the extension of period of CIRP. The Yes Bank however could not vote on the agenda on account of their internal issues of the appointment of an Administrator for the Bank. They could not decide on the said agenda as they did not have a mandate to take any decision due to the restructuring that was underway. Therefore, Yes Bank requested for deferring the issue. Thus, the view of the majority vote share holder was not available. Hence, the scheduled meeting was, after consultation with CoC members, adjourned to 13.06.2020 - The adjourned meeting was convened on 13.06.2020 through a conference call and the Resolution for liquidation of Corporate Debtor was adopted with 100% vote share and the RP was authorised to make necessary Application in that regard. The Applicant submits as the lockdown due to Covid-19 was continuing, the resolution passed in the adjourned meeting convened on 13.06.2020 be considered as a part of the meeting originally scheduled on 11.03.2020. The Applicant Resolution Professional has given his consent to act as Liquidator. However, it is noticed that the proposed fee of the Liquidator has been rejected by the CoC. The Applicant who was present during the virtual hearing submitted that he is ready and willing to work as Liquidator on the fees provided as per the IBBI Regulations. This Bench is satisfied that this Application is in consonance with section 33(2) of the Code. Orders for liquidation of the Corporate Debtor needs to be passed - application allowed.
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