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2023 (2) TMI 1035 - AT - Insolvency and BankruptcyChallenging the order for Liquidation of Corporate Debtor - HELD THAT:- This Tribunal is of the earnest view that the Appellant has failed to meet the basic requirements for consolidation of CIRP Viz. that the Assets of a Corporate Debtor, cannot be sold as a standalone unit. The Committee of Creditors, in its 8th CoC Meeting, had resolved to recommend the Liquidation of the Corporate Debtor by 100% Voting Shares. Having regard to the fact that, the CIRP, was invoked under Section 10 of the Code way back in the year 2021, the Application for Consolidation, was filed belatedly after one year and also the fact that the Corporate Debtor, has failed to satisfy the requirements necessary for Consolidation, this Tribunal, does not see any illegality or infirmity in the Impugned Order of the Adjudicating Authority, (National Company Law Tribunal, Division Bench-I, Chennai), allowing Liquidation. Appeal dismissed.
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