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2018 (3) TMI 572 - Tri - Insolvency and BankruptcyOrder of liquidation - period of 180 days for completion of the resolution process as provided under Section 12 (1) of IBC expired - Held that:- Admittedly the period of 180 days for completion of the resolution process as provided under Section 12 (1) of the Insolvency and Bankruptcy Code, 2016 expired on 08.01.2018. While monitoring the progress reports submitted by the Resolution Professional, Registrar of this Tribunal put up a note that the period of 180 days has expired and the Resolution Professional informed that the application for liquidation proceedings would be filed. The matter was directed to be listed on the judicial side with notice to the Resolution Professional. In view of the mandate of Section 33 (1) of I & B Code there is no other alternative except to pass an order of liquidation. It was found fit to appoint a Liquidator from the panel of Liquidators/Insolvency Resolution Professionals circulated by Insolvency and Bankruptcy Board of India vide letter dated 10.01.2018 instead of Mr. Nipan Bansal who was appointed as the Resolution Professional, for the reasons stated in the order dated 31.01.2018. Accordingly, an order is passed in accordance with Section 33 of the Code for liquidation of the Corporate Debtor appointing Mr. Dinesh Kumar Seth as the Liquidator. The Liquidator shall issue public announcement to the effect that the Corporate Debtor is in liquidation and to intimate the same to Registrar of Companies, Punjab about this order.
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