Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2021 (4) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (4) TMI 1179 - Tri - Insolvency and BankruptcyLiquidation of Corporate Debtor - seeking direction to the petitioner or COC member to release an amount of ₹ 14,92,122/- to the applicant, the other professional and agencies as per the CIRP sheet - HELD THAT:- During the 3rd meeting of the CoC which was held on 19.09.2019, the CoC decided to liquidate the company as the unit is not in operation since long and there are no workers and employees. No Expression of Interest received from prospective resolution applicant, the Committee of Creditors approved the initiation of liquidation of the corporate debtor by passing the resolution and directed the Resolution Professional to file miscellaneous application and seek the further direction and order under section 33(1)(a) and 34(1) of the code from this Tribunal by passing the resolution with voting share of 100% of physically present. It is observed from the minutes of the 3rd CoC meeting that the CoC has, with 100% majority, decided to liquidate the Corporate Debtor and relying on the settled principle of law regarding the Commercial Wisdom of the CoC - the application is allowed.
|