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2018 (5) TMI 2185 - Tri - IBCLiquidation order under section 33 of the Insolvency and Bankruptcy Code 2016 - HELD THAT - As per the provisions of Section 33(2) of The Code to initiate Liquidation Process the Resolution Professional at any time during the Corporate Insolvency Resolution Process but before confirmation of Resolution Plan intimates the AA of the decision of the Committee of Creditors to Liquidate the Corporate Debtor the Adjudicating Authority shall pass a Liquidation Order as prescribed u/s 33 of The Code. It is intimated that after due deliberations the Committee of Creditors passed a Resolution for Liquidation of the Company with 100% Voting Share in favour of the said Resolution. As far as the Valuation of the property of the Corporate Debtor is concerned there was no confusion for initiation of Liquidation Proceedings for IRP who is now to be termed as Liquidator . Therefore to avoid such high percentage of sacrifice it is necessary to take a decision in favour of the Financial Creditor to initiate Liquidation Proceedings against the Corporate Debtor who had mortgaged the property and the Loan in question was granted. The Debt in question is intricately linked with the property mortgaged hence cannot be segregated in the process of Liquidation proceedings. Therefore it is hereby authorized that the Liquidator shall take necessary steps to liquidate the assets of the Corporate Debtor for which a Valuation Report is already on record. There may or may not be restrictions on the assets of a Corporate Debtor in the event Resolution process is commenced but right now the proceedings for Liquidation has been commenced. As a result the assets of the corporate Debtor can be subjected to Liquidation by invoking the jurisdiction prescribed u/s 33(2) of the Code. The Resolution Professional is hereby appointed as a Liquidator to proceed with the Liquidation Process - Application disposed off.
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