Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2020 (9) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (9) TMI 891 - Tri - Insolvency and BankruptcyLiquidation of Corporate Debtor - Section 33(2) of the IBC, 2016 - HELD THAT:- Since, in the 5th CoC meeting held on 13.01.2020, the Committee of Creditors has deliberated about the current affairs of the Corporate Debtor and also on the future course of action to be taken and as such the CoC was unwilling to consider the Resolution Plan and extend the time limit for completion of the CIRP and based on its commercial wisdom has decided to liquidate the Corporate Debtor and thus by taking into consideration the provisions of Section 33 of IBC, 2016 and in the absence of any opposition to the Application from the Promoters/Directors of the Corporate Debtor and also guided by the decision of the Hon'ble Supreme Court in the matter of Mr. K. Sasidharan -Vs- Indian Overseas Bank [2019 (2) TMI 1043 - SUPREME COURT ] this Tribunal orders for the liquidation of the Corporate Debtor. The Liquidator of the Corporate Debtor is directed to carryout the liquidation process subject to the directions issued - Liquidator shall strictly act in accordance with the provisions of IBC, 2016 and the attendant Rules and regulations including Insolvency and Bankruptcy (Liquidation Process) Regulations, 2017 as amended upto date enjoined upon him. Application disposed off.
|