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2020 (11) TMI 515 - Tri - Insolvency and BankruptcyLiquidation of Corporate Debtor - section 33(2) of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- It is evident in the averments as contained in the application that in the second meeting of the CoC held on March 5, 2020 the CoC discussed in detail the possibility of resolving through resolution, and considering the fact that the company was not in operation for the last two years and that the industry as such was not attracting new investors now due to the Government policies manufacturing and selling of agricultural fertilizers and also that no concrete information about the prospective investor was provided by the promoter group, the CoC has come to the conclusion to liquidate the corporate debtor. The CoC has unanimously decided to liquidate the company namely the corporate debtor and appoint the present resolution professional as liquidator. Since, no resolution plan has been received by this Authority under sub-section (6) of section 30 of the I and B Code, 2016, before the expiry of the maximum period of 180 days CIR process, in exercise of the powers conferred under sub-clauses (i), (ii) and (iii) of clause (a) of sub-section (1) of section 33 of the I and B Code, 2016, this Authority proceeds to pass the liquidation order - Application allowed.
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