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2021 (7) TMI 560 - Tri - Insolvency and BankruptcySeeking Liquidation of Corporate Debtor - seeking appointment of liquidator - Section 33 and 34 of the Insolvency & Bankruptcy Code - HELD THAT:- It is pertinent to refer Section 33(1)(a) of the IBC, which mandates that "where the Adjudicating Authority before the expiry of maximum period permitted for completion of the corporate insolvency resolution process under Section 12 or the fast track corporate insolvency resolution process under Section 56, as the case may be, does not receive a resolution plan under sub-section (6) of Section 30, it shall pass an order requiring the Corporate Debtor to be liquidated in the manner as laid down in the manner." The Tribunal observes that upon failure of the resolution process and no approved resolution plan and further on completion of statutory CIRP process, there is no alternative left but to order in conformity with the decision of the CoC liquidation has to follow under Section 33 of the Code. Adherence of the statutory requirement has to be done as the language of the Code is clear that the adjudicating authority must give effect to it whatever may be consequences - even CoC in its 8th meeting on 04.11.2020 has with 100 % majority has passed the resolution to liquidate the Corporate Debtor as no resolution plan was received for revival of the company and further RP has complied with the provisions laid down under Insolvency and Bankruptcy Code. Thus, by exercising the power under Section 33(1), this Adjudicating Authority hereby directs that the Corporate Debtor i.e. V.A.M. Resorts and Hotels Pvt. Ltd. shall go into Liquidation and the moratorium declared for the Corporate Debtor under Liquidation shall cease to have effect from pronouncement of this Order - the Resolution Professional Mr. Ashish Singh is appointed to act as liquidator. Application allowed.
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