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2021 (3) TMI 872 - Tri - Insolvency and BankruptcyLiquidation of Corporate Debtor - applicant is guilty of suggestion falsi and supressio very - HELD THAT:- It is observed from the minutes of the 4nd CoC meeting that the CoC has, with 100% majority, decided to liquidate the Corporate Debtor. The suspended director of the Corporate Debtor has raised objections for allowing this application on the ground that the manner in which the CIRP of the Corporate Debtor has been conducted is erroneous, illegal, flawed and deserves to be set aside. He has also asked for exclusion of a period of 270 days from computing it in the total CIRP period. For this, an application bearing MA No. 2739/2019 was also filed by them which was dismissed in default by this Tribunal vide an order dated 25.01.2021 as nobody has pursued it. Also, the Corporate Debtor is non-operational for last two years and the only asset left with it is a shop at Borivali. The promoter of the Corporate Debtor had also given proposal for One Time Settlement through Asset Purchase by Asset Reconstruction Company which is not acceptable to the CoC - it is a settled principle of law regarding the Commercial Wisdom of the CoC to liquidate the Corporate Debtor and it need not be interfered with. Application allowed.
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