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2022 (10) TMI 429 - Tri - Insolvency and BankruptcyLiquidation of Corporate Debtor - Section 33(2) of the IBC - HELD THAT:- Upon perusal of the Application, it is seen that the RP has conducted a total of 42 CoC meetings. It is also seen that on 23.07.2021, the Resolution Plan submitted by Sherisha Technologies Private Ltd. was approved by the CoC with 100% voting rights. However, the said Resolution Applicant has failed to furnish the performance guarantee and hence in the 38th CoC meeting held on 23.11.2021, the CoC has rejected the Resolution Plan of the said Resolution Applicant. It is seen that the even after issuing EoI twice, the Corporate Debtor did not garner any Resolution Plan and hence the CoC in its commercial wisdom has decided to liquidate the Corporate Debtor and also passed a Resolution to that effect in the 42nd CoC meeting held on 17.03.2022. Thus, by taking into consideration the provisions of Section 33 of IBC, 2016 and in the absence of any opposition to the Application from the Promoters of the Corporate Debtor and also guided by the decision of the Hon'ble Supreme Court in the matter of Mr. K. Sasidharan Vs. Indian Overseas Bank [2019 (2) TMI 1043 - SUPREME COURT] this Tribunal orders for the liquidation of the Corporate Debtor. Application allowed.
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