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2022 (5) TMI 1209 - Tri - Insolvency and BankruptcyLiquidation of Corporate Debtor - Section 33(2) read with Section 34 of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- The primary object of the Code is resolution and liquidation is the last resort. At the same time keeping the timelines prescribed under the Code is paramount, lest asset value is deteriorated. Therefore, taking into consideration of the provisions of law as well as the documents on record, this Adjudicating Authority is of the view that as there is no viable resolution plans received for the Corporate Debtor and the time period for the completion of CIRP process, the only option left under the circumstances being early liquidation process, hence this application directing the liquidation for the Corporate Debtor is allowed. This Adjudicating Authority hereby orders liquidation of the Corporate Debtor, i.e., Anjali Waterford Hospitality and Infra Limited, which shall be conducted in the manner as laid down in Chapter III of Part II of the Code - application allowed.
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