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2020 (6) TMI 422 - Tri - Insolvency and BankruptcyLiquidation of Corporate Debtor - section 33(1) and (2) of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- In the instant case, the CoC has estimated the liquidation cost at ₹ 9,50,000/- (refer minutes of 7th CoC meeting dated 13-12-2019). However, the CoC has not estimated the value of the liquid assets under Regulation 39B(2) of the CIRP Regulations, 2016 and has not approved a plan providing for contribution for meeting the difference between the estimated value of the liquid assets and estimated liquidation costs. The Liquidator will, therefore, take necessary action under Regulation 2A of the Liquidation Process Regulations, 2016 - The CoC has not made any assessment of sale as a going concern under Regulation 39C of the CIRP Regulations, 2016. The Liquidator will, therefore, take necessary action under Regulation 32A(3) of the Liquidation Process Regulations, 2016. It is directed that all the directions/requirements and provisions of Chapter III of the Code and Liquidation Process Regulations, 2016 shall be strictly complied with.
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