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2020 (11) TMI 122 - AT - Insolvency and BankruptcyLiquidation order - during the period of ‘CIRP’, no Resolution Plan was received - Section 60 (5) of IBC - HELD THAT:- When it is an admitted fact that during the Time limit provided under Section 12 of IBC, no Resolution Plan was received, the necessary consequence of liquidation order could not be avoided. For this, the Application was moved. Subsequently, the Appellant started claiming that there is a settlement and paid some amount. However, even that is now reported to have failed. The Appellant has not placed on record material as to who were the other claimants other than the 100% Financial Creditor namely Respondent/ARCIL during CIRP. During ‘CIRP’, once CoC has been formed, Procedure under Section 12 A of IBC would be required to be followed. This does not appear to have been followed before the liquidation order was passed. Appeal dismissed.
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