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2019 (11) TMI 618 - Tri - Insolvency and BankruptcyLiquidation order of the Corporate Debtor - Section 33 (2) of the Insolvency and Bankruptcy Code, 2015 - Where the resolution professional, at any time during the corporate insolvency resolution process but before confirmation of resolution plan, intimates the Adjudicating Authority of the decision of the committee of creditors to liquidate the corporate debtor, the Adjudicating Authority shall pass a liquidation order as referred to in sub-clauses (i), (ii) and (iii) of clause (b) of sub-section (1)? HELD THAT:- In the present case, the application is filed by the Resolution Professional on 25.07.2019 during the CIRP process and before confirmation of the resolution plan. The decision of the CoC to liquidate the Corporate Debtor is approved by the CoC with 99.87% of the voting share and therefore, the requirement of approval of not less than 66% of the voting share is satisfied. In view of the satisfaction of the conditions of Section 33 (2) of the Code, the liquidation order as referred to in sub clauses (i), (ii) and (iii) of clause (b) of Section 33 (1) of the Code is being passed - In view of the satisfaction of the conditions provided under Section 33(2) of the Code, the corporate debtor Gian Chand & Sons Pvt.Ltd is directed to be liquidated in the manner as laid down in Chapter III of the Code.
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