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2022 (4) TMI 1001 - Tri - Insolvency and BankruptcySeeking liquidation of the Corporate Debtor - liquidation sought on the ground that there is no business activity carried on by the Corporate Debtor - HELD THAT:- After perusing the minutes of the COC meeting held on 23.02.2022, it is found that there is no business activity carried on by the Corporate Debtor. The Corporate Debtor filed its annual report with ROC up to FY 2009- 10. The realizable value of assets of Corporate Debtor is Nil. The CoC has also resolved by 100% voting share to liquidate the Corporate Debtor even before the expiry of the insolvency resolution process period. When no security is there and resolution has been passed in the CoC with 100 % voting share, it is not worth to continue the CIRP and increase the cost of the CIRP. Section 33(2) of the Code empowers the Adjudicating Authority to pass an order for liquidation of the Corporate Debtor where the resolution professional, at any time during the CIRP but before confirmation of the resolution plan, intimates the Adjudicating Authority of the decision of the CoC approved by not less than sixty-six percent of the voting share, to liquidate the Corporate Debtor. The Corporate Debtor is ordered to be liquidated in terms of section 33(2) of the Code read with sub-section (1) thereof - application allowed.
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