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2022 (1) TMI 1181 - NATIONAL COMPANY LAW TRIBUNAL , KOLKATA BENCHSeeking Liquidation of Corporate Debtor - no resolution plan has been received by him in spite of publication of Form 'G' - HELD THAT:- Vide order dated 25/02/2020 this Adjudicating Authority has extended the CIRP period by 90 days from 25/02/2020. Vide order dated 26/03/2021 passed in IA/176(KB)2021, this Adjudicating Authority excluded 369 days from the CIRP period and further extended the CIRP period by 60 days thereby the CIRP period came to an end on 28/07/2021 - It appears that the last available Balance Sheet on the MCA Portal was only up to 2013-14. The RP has filed an application being IA (IB) No. 315 (KB) 2021 under sections 43, 45 and 66 for preferential, undervalued and fraudulent transactions. The Resolution Professional has given his consent to act as the Liquidator of the Corporate Debtor and has annexed with the application as Annexure - "5". Section 33(1)(a) of the Code mandates that the Adjudicating Authority shall pass an order of liquidation where no resolution plan is received before the expiry of the CIRP. Sub-section (2) thereof requires the Adjudicating Authority to pass the liquidation order where the Resolution Professional intimates to the Adjudicating Authority the decision of the Committee of Creditors approved by not less than 66% of the voting share to liquidate the Corporate Debtor. Reading these two provisions together, this Adjudicating Authority is left with no option but to order liquidation of the Corporate Debtor. The Corporate Debtor is ordered to be liquidated - application allowed.
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