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TMI Blog2018 (1) TMI 1374X X X X Extracts X X X X X X X X Extracts X X X X ..... proving any resolution plan and the recommendation was made for the liquidation Of the company known as Mariners Buildcon India Limited-Corporate Debtor. The present application has been filed under Section 33 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'the Code') and in para 16 & 17 of the application it has been stated that all financial creditors have consented for liquidation process under Section 33(2) of the Code as no resolution plan was acceptable to the Committee of Creditors. The aforesaid paras 16 and 17 read as under:- " 16. As per the consent Of all the financial creditors liquidation process under Section 33 (2) of the Insolvency and Bankruptcy ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... terms of Section 25 (2) (h) of the Code to invite inter alia any person to put forward resolution plan. It is pertinent to reproduce the provisions of Section 25 of the Code for the ready reference of the Resolution Professional which are as under:- "Duties of Resolution professional. 25. (1) It shall be the duty of the resolution professional to preserve and protect the assets of the corporate debtor, including the continued business operations of the corporate debtor, (2) For the purposes of sub-section (1), the resolution professional shall undertake the following actions, namely:- (a) (b) ---------------- (d) ---------------- (e) ---------------- (D) -------- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n and other modalities were also required to be finalized. We do not understand how the Committee Of Creditors can take upon itself the idea of saying that no resolution plan was acceptable to them when there was no resolution plan presented to them. This leads us to infer some suspicions. In view of the above, we are unable to accept the continuation of the present Resolution Professional namely Mr. Prabhjit Singh Soni, IBBI Registration No. IBB1/lPA-002/lP-N00065/2017-2018/10143. In his place and in the larger interest of justice we appoint Mr. Dinesh Sood, IBBI Registration No. IBB1/lPA-002/1P-N00046/2016-2017/10091, email id dk.sood@yahoo.com, Mobile No. 9650485731 to act as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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