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2018 (11) TMI 1923 - NATIONAL COMPANY LAW TRIBUNAL, KOLKATALiquidation of Corporate Debtor - Rejection of proposal of the Resolution Professional for extension of the CIRP period by 73.3% vote share - preferential transaction - HELD THAT:- COC by a majority vote share has decided not to proceed further with the CIRP process for want of any prospective resolution applicant to the satisfaction of the COC, and decided to go for liquidation. The Resolution Professional in the case in hand, duly conducted the process with utmost care and caution and he observed that the Corporate Debtor Company has got a good factory. However, as the COC did not opt for proceeding further, he was forced to file the Final Progress Report recommending passing an order of liquidation. The Ld. Resolution Professional also submits that an application was filed u/s. 43 and 45 of the I & B Code alleging preferential transaction to the tune of Rs. 41 Crores as a corporate lone taken from Mr. Madhu Dalmia and refunded before the maturity period. According to him, the above said amount is to be refunded as it is a preferential transaction and to be deposited in the account of the Corporate Debtor. Liquidation order is passed - Mr. Kannan Tiruvengadam is appointed as Liquidator - Mr. Kannan Tiruvengadam is directed to issue Public Announcement stating that the Corporate Debtor is in liquidation, in tens of Regulation 12 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 - application allowed.
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