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2020 (5) TMI 5 - Tri - Insolvency and BankruptcyLiquidation of Corporate Debtor - expiry of CIRP date - section 33 (1) (a) of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- In the present case, the CIRP period is stated to have been expired on 26-7-2019 and no resolution plan under section 30 (6) of the Code was received by the Adjudicating Authority before that date. In fact, an application is received from the RP for liquidation of the corporate debtor, since despite invitation for EOI being issued thrice, no resolution plan was received. Therefore, the order is being passed requiring the corporate debtor to be liquidated in the manner as laid down in Chapter III of the Code and the directions for issue of public announcement stating that the corporate debtor is in liquidation and requiring such orders to be sent to the authority with which the corporate debtor is registered, are being issued. The RP has stated that the Liquidator's fee in terms of Regulation 39 D of the CIRP Regulations, 2016 has been approved by the CoC. Further, the CoC has also recommended that the Liquidator may first explore the sale of the corporate debtor as a going concern in accordance with the Regulation 39 C. It is also stated in the minutes of the 6th meeting of CoC that since the corporate debtor is not a going concern, the sale of assets of corporate debtor shall be in accordance with clause (a) to (d) of the Regulation 32 and was approved by the CoC - thus, he Bench is satisfied that the Corporate Debtor Company is required to be liquidated and accordingly, it is ordered that the Corporate Debtor shall be liquidated. Application allowed.
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