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2021 (11) TMI 475 - Tri - Insolvency and BankruptcySeeking direction to Respondent to permit the Financial Creditors of the Corporate Debtor to distribute amount from the cash balance available with the Corporate Debtor in the proportion of their respective voting share in the erstwhile CoC - permission to Financial Creditors of the Corporate Debtor to distribute the cash balances available with the Corporate Debtor, other than such cash which the is currently required for the operation of the Corporate Debtor as a going concern - HELD THAT:- This Bench is the view that this application is premature at this juncture. Implementation of approved Resolution Plan failed consequently the Company has been put in the Liquidation, but the company is still working and therefore distribution of its cash balance will derogate the value of company which will meager the possibility of achieving maximization of value of assets. Hence this application is rejected. The Liquidator is directed to submit progress report along with revised list of stakeholders of the Corporate Debtor. Further, Liquidator also directed to take steps towards completion liquidation of the Corporate Debtor in time bound manner then start distribution in one go. Application disposed off.
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