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2022 (2) TMI 964 - NATIONAL COMPANY LAW TRIBUNAL , NEW DELHI BENCHLiquidation of the Corporate Debtor - section 33(2) of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- The submission by the applicant that the Statutory filing had not been done since 2014 and that the previous filings had been done using illegible copies and that the physical records of the Corporate Debtor were still lying with the Directors of the suspended Board which they are not providing after repeated directions were the reasons why the COC had decided to liquidate the Corporate Debtor as well the realization by the COC that the suspended directors were only making submissions for OTS to gain time and delay the CIR Process are sufficient grounds for commencing liquidation proceedings against the Corporate Debtor. The sub-section (2) of section 33 of the Insolvency Bankruptcy Code, 2016 is clear in that the COC is fully empowered to decide on liquidation at any stage of CIRP, (however before the confirmation of the Resolution Plan), therefore in the present case the COC which consisted of a sole COC member, in its 6th COC meeting held on 21.06.2021 with 100% vote share approved the liquidation of the Corporate Debtor after having explored all the possibilities of reviving the Corporate Debtor. This Tribunal under the circumstances, taking into consideration the provisions of law and since the Insolvency Resolution Process Period has expired, passes an order for liquidation of the corporate debtor 'M/s. Paramex Transformers Limited', and the incidence of liquidation will follow from the date of this order in terms of the provisions of the IBC, 2016 and more particularly as given in Chapter - III of IBC, 2016 - application allowed.
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