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2022 (4) TMI 431 - Tri - Insolvency and BankruptcySeeking Liquidation of Corporate Debtor - Section 33(1)(a) of Insolvency & Bankruptcy Code, 2016 - HELD THAT:- The primary object of IBC is resolution and liquidation is the last resort. At the same time keeping the timelines prescribed under the IBC is paramount, lest asset value gets deteriorated. Therefore, taking into consideration the provisions of law as well as the documents on record, this Adjudicating Authority is of the view that since the efforts to obtain resolution of the Corporate Debtor have failed, the only option left under the circumstances being early liquidation process, this petition is allowed, directing the liquidation of the Corporate Debtor. The Corporate Debtor, M/s. Sri Parameswara Poultry Farm Private Limited, is put under liquidation process in the manner laid down in Chapter-III of the Code with effect from the date of order - Application allowed.
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