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2021 (10) TMI 766 - Tri - Insolvency and BankruptcyLiquidation of Corporate Debtor - Section 33 of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of the National Company Law Tribunal Rules 2016 - HELD THAT:- It would appear that despite all possible steps as required under the Code taken during the CIRP, the CoC did not receive any viable resolution plan/proposal for revival of the Company. The CoC in its wisdom has resolved with 99.78% voting share in favour of the liquidation of the Company. The Applicant RP has not given his consent to act as Liquidator. The CoC members recommends Ms. Vaishali Arun Patrikar to act as Liquidator of the Corporate Debtor. This Authority has no reason before it to take a contrary view in terms of Section 33(1)(a) of the Code. Therefore, it has no option than to pass an order for liquidation of the Company in the manner laid down in Chapter III of the Code. Corporate Debtor is ordered to be liquidated - application allowed.
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