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2020 (8) TMI 490 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , NEW DELHILiquidation Order - settlement of disputes of Corporate Debtor - HELD THAT:- The Appeal deserves to be disposed of with directions as were given in the matter of Y. SHIVRAM PRASAD AND ASSET RECONSTRUCTION COMPANY (INDIA) LTD. VERSUS S. DHANAPAL & ORS. AND SERVALAKSHMI PAPER LTD. & ORS [2019 (5) TMI 386 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI] of this Tribunal so that the Liquidator can take steps under Section 230 of the Companies Act, 2013 read with the provision of IBC, where it was held that The liquidator is required to act in terms of the aforesaid directions of the Appellate Tribunal and take steps under Section 230 of the Companies Act. If the members or the ‘Corporate Debtor’ or the ‘creditors’ or a class of creditors like ‘Financial Creditor’ or ‘Operational Creditor’ approach the company through the liquidator for compromise or arrangement by making proposal of payment to all the creditor(s), the Liquidator on behalf of the company will move an application under Section 230 of the Companies Act, 2013 before the Adjudicating Authority i.e. National Company Law Tribunal, Chennai Bench. The present Appeal is disposed off in terms of the directions as noticed in the matter of Y. Shivram Prasad Vs. S. Dhanapal & Ors.
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