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2019 (12) TMI 394 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHIIssuance of directions for liquidation of the corporate debtor - CIRP initiated - Section 21 of the Code read with Regulation 17 of the CIRP Regulations - It has been submitted in the application that despite several advertisements inviting Expression of Interest, no resolution plan in respect of the Corporate Debtor was received by the Resolution Professional - HELD THAT:- In the facts and upon failure of resolution process there being no resolution plan and also on expiry of the statutory Corporate Insolvency Resolution Period of 270 days; Liquidation as proposed by the CoC has to follow - In the factual background and in the absence of any resolution plan there is no other alternative but to order in conformity with the majority decision of the Committee of Creditors, for liquidation of the corporate debtor under Section 33 of the Code. The application is allowed by ordering liquidation of the corporate debtor, namely M/s. Mohan Gems and Jewels Private Limited in the manner laid down in the Chapter III of Part II of the Insolvency and Bankruptcy Code, 2016 with certain directions.
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