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2022 (9) TMI 541 - Tri - Insolvency and BankruptcyLiquidation of Corporate Debtor - Section 33(1) (a) and 34(1) of Insolvency and Bankruptcy Code, 2016 - HELD THAT:- It is observed from the minutes of the 6th CoC meeting dated 12.03.2021 that the COC has, with 100% majority, decided to liquidate the Corporate Debtor and relying on the settled principle of law regarding the Commercial Wisdom of the COC. That the Corporate Debtor to be liquidated in the manner as laid down in the Chapter by issuing Public Notice stating that the Corporate Debtor is in liquidation with a direction to the Liquidator to send this order to the ROC under which this Company has been registered - this liquidation order shall be deemed to be a notice of discharge to the officers, employees and workmen of the Corporate Debtor except to the extent of the business of the Corporate Debtor continued during the liquidation process by the Liquidator - application disposed off. Seeking change of Resolution Professional as Liquidator - Section 60(5) of Insolvency and Bankruptcy Code, 2016 - HELD THAT:- This Bench is therefore of the considered view that the provisions of Section 34(4) are mandatory in nature and if not complied with, another Liquidator cannot be appointed. Hence, the Resolution Professional in the matter has to be appointed as Liquidator in liquidation process as the COC in its meeting has given no reasons in writing for the replacement of a resolution professional as required by Section 34(4)(b) - Application disposed off.
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