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2021 (5) TMI 107 - Tri - Insolvency and BankruptcyLiquidation of the Corporate Debtor - appeal pending before the Hon'ble NCLAT - liquidation sought on the ground that the only asset of the Corporate Debtor is a fixed deposit of ₹ 3.5 Crore - HELD THAT:- In the present case, the CoC has resolved by 100% voting share to liquidate the Corporate Debtor as the Corporate Debtor has no immovable assets. Be that as it may, it will not be justifiable to pass an order of liquidation at this stage till the Hon'ble NCLAT takes a final view on the appeal filed. This view is being taken in view of the fact that the only asset of the Corporate Debtor is a fixed deposit which can be withdrawn and distributed within a short period of time, and it would be a tad difficult to reverse the clock once the liquidation order is passed. If further action is taken to distribute the fixed deposit by liquidating the same, then it will also have the effect of rendering the appeal otiose. The liquidation of the Corporate Debtor cannot be allowed at this stage - application dismissed.
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