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2022 (5) TMI 911 - NATIONAL COMPANY LAW TRIBUNAL , BENGALURU BENCHSeeking Liquidation of Corporate Debtor - seeking appointment of Liquidator for initiation of Liquidation process of the Corporate Debtor - Prescribed period for filing application - applicability of Section 33(1) or Section 33(2) of IBC - HELD THAT:- In the present case, the Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 was admitted on 02.08.2019 and the period of 180 days were completed on 28.01.2020. As per Order dated 14.01.2020 in IA No. 23/2020 this Adjudicating Authority has allowed to extend the CIRP period by 90 days till 27.04.2020. Due to Covid-19 pandemic, lock down was imposed from 25.03.2020 till 31.05.2020 in Bengaluru, thus the CIRP was extended to expire on 04.07.2020. The IA No. 240/2020 filed by the Resolution Professional seeking to extend the CIRP period by 30 days, thus the CIRP has expired on 04.09.2020. The present application is filed on 09.09.2020 i.e., after the expiry of the CIRP period. Hence, this application shall be considered under Section 33(1), but not under Section 33(2). Appointment of Liquidator - HELD THAT:- Section 34(1) of the Code provides that where the Adjudicating Authority passes an order for liquidation of the Corporate Debtor under Section 33, the Resolution Professional appointed for the CIRP shall, subject to submission of written consent, act as the Liquidator for the purpose of Liquidation. Section 34(4)(a) of the Code states that the resolution plan submitted by the resolution professional was rejected for failure to meet the requirements, the Adjudicating Authority shall by order replace the RP - In the present case, it is stated in the application that the plan submitted by the Resolution Professional was not approved in the CoC meeting and the final Resolution Plan was rejected by the CoC on 02.09.2020. Sub Section (7) of Section 34 of the Code says that the Adjudicating Authority shall, on receipt of the proposal of the Board for the appointment of an Insolvency Professional as Liquidator by an order appoint such Insolvency Professional as Liquidator. Application admitted.
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