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2021 (7) TMI 567 - Tri - Insolvency and BankruptcySeeking Liquidation of Corporate Debtor - also seeking appointment of liquidator - Section 33 and 34 of the Insolvency & Bankruptcy Code - HELD THAT:- Upon going through the contents of the present Liquidation application and the provisions contained in the Code this Adjudicating Authority is of the view that as Sec. 33(1) of IBC, 2016 contemplates that this Tribunal can pass an order of liquidation of the corporate debtor, if the maximum period permitted for the completion of the CIRP is over and in the present matter more than 1000 days has passes since initiation of CIKP and as by operation of Sec. 33(1) IBC, the corporate debtor is necessarily required to be ordered for the liquidation under Sec. 33(1)(b) of the IBC, 2016 - even COC in its 18th meeting held on 04.01.2020 has with 95.29% majority has passed the resolution to liquidate the Corporate Debtor as no resolution plan was received for revival of the company and even the latest valuation of the assets have not attracted any resolution plan and further the commercial wisdom of the COC cannot be challenged which has approved the resolution for liquidation of the company. This Adjudicating Authority hereby directs that the Corporate Debtor i.e. Shree Bhawani Paper Mills 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 - Resolution Professional Ms. Anju Agarwal is appointed to act as liquidator - application allowed.
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