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2020 (5) TMI 271 - Tri - Insolvency and BankruptcyLiquidation of Corporate Debtor - appointment of the liquidator read with rule 11 of the National Company Law Tribunal Rules, 2016 - initiation of CIRP - HELD THAT:- As per section 33(1)(a) of the Code, if the resolution professional has not received any resolution plan under section 30(6) with in CIRP period, the Tribunal is left with no other option but to pass a liquidation order. The resolution professional has not filed any resolution plan before this Tribunal under section 30(6) within CIRP period. By relying on section 33(1)(a) of the Code, the resolution professional having not submitted any resolution plan within CIRP period leads to passing an order of liquidation. As per section 34(1) of the Code after passing the order of liquidation of corporate debtor, the resolution professional appointed for CIRP process shall act as the liquidator for conducting the liquidation process - Mr. A. V. S. Krishna Mohan/applicant is appointed as the liquidator. The resolution professional has given his consent for appointing him as a liquidator. The application is allowed and the corporate debtor M/s. Yag Mag Labs P. Ltd., is ordered to be liquidated - The order of moratorium passed under section 14 of the Code shall cease to have its effect.
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