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2021 (3) TMI 1444 - AT - Insolvency and BankruptcyLiquidation of Corporate Debtor - Section 33 of the Insolvency and Bankruptcy Code, 2016 - opportunity of hearing was not provided to Appellants - violation of principles of natural justice - HELD THAT:- During Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor, no Expression of Interest (EoI) was received and the Committee of Creditors (COC) in its meeting held on 3rd September, 2020, passed the Resolution for the liquidation of the Corporate Debtor. In absence of any EoI being filed and no Resolution Applicant coming forward with a viable and feasible Resolution Plan, no option was left with either the COC or the Adjudicating Authority but to send the Corporate Debtor into liquidation. The explanation to Section 33(2) by Act No. 26 of 2019 enforced w.e.f. 16th August, 2019 sufficiently makes it clear that the COC is empowered to take decision to liquidate the Corporate Debtor any time after its constitution and before the confirmation of Resolution Plan which, in plain terms, gives a pre-eminent position to the COC in taking such business decision in exercise of their commercial wisdom even when a Resolution Plan duly approved by it with requisite vote share is pending before the Adjudicating Authority for approval. In view of the same, it should not lie in the mouth of the Appellant that it was not given an opportunity of being heard, more so when the Corporate Debtor was contesting the matter and duly represented. There are no merit in this appeal. The same is dismissed.
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