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2018 (11) TMI 804 - SC - Insolvency and BankruptcyWinding up of the corporate debtor - Held that:- As HC ordered National Company Law Tribunal (NCLT), Chandigarh, may continue with the proceedings but should not pass a final order thereon. Thereafter, several proceedings have taken place and ultimately adjournments have taken from time to time, thanks to which, the period of 270 days, mentioned under the Code, has now come to an end. We have been informed by the learned counsel appearing for the Resolution Professional (R.P.) that as many as six Resolution Plans were in fact considered and rejected. The Committee of Creditors has now opined under Section 30 of the Code that the matter should proceed for liquidation. In view of this fact, we feel that the impugned interim order needs to be vacated and the proceedings have to logically culminate in a winding up of the corporate debtor.
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