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2022 (6) TMI 719 - Tri - Insolvency and BankruptcyLiquidation of Corporate Debtor - Non-receipt of Expression of Interest by the Resolution Professional - publication of Form ‘G’ - HELD THAT:- Since, more than 1000 days has expired from the commencement of CIRP, no Expression of Interest was received and the 180 days CIRP period has expired, the CoC at its 22nd meeting Annexed at pages 48 to 49 of the application held on 18/05/2022 had recommended liquidation of the Corporate Debtor with 100% voting shares - The Resolution Professional has not consented to act as a Liquidator of the Corporate Debtor. 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 in terms of section 33(2) of the Code read with subsection (1) - Application allowed.
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