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2021 (6) TMI 200 - Tri - Insolvency and BankruptcyLiquidation of the Corporate Debtor - no Resolution Plan approved by the CoC and the CoC by 96.70% voting share approved liquidation of the Corporate Debtor - HELD THAT:- Section 33(2) of the Code enjoins the Adjudicating Authority to pass an order for liquidation of the Corporate Debtor where the Resolution Professional, at any time during the CIRP but before confirmation of the resolution plan, intimates the Adjudicating authority of the decision of the CoC approved by not less than sixty-six percent of the voting share, to liquidate the Corporate Debtor. In the present case, the CoC has resolved by 96.70% voting share to liquidate the Corporate Debtor. In the present case, the RP wanted to continue as the liquidator. RP has given his consent which is annexed to the application at Annexure G. Section 34 of the Code does not envisage any role for the CoC in appointment of the Liquidator - This is a case where two Resolution Plans were received but neither of them approved by the CoC and the period of CIRP has expired on 13.02.2021. Application allowed.
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