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TMI Blog2020 (4) TMI 733X X X X Extracts X X X X X X X X Extracts X X X X ..... rporate Debtor on the ground the Resolution Applicant failed to perform the Resolution Plan as stated in the Resolution Plan and for appointment of Mr. Chandramouli Ramasubramaniam as Liquidator of the Corporate Debtor. 2. The counsel appeared on behalf of this Applicant/Financial Creditor stated that the Promoter-Directors (Husband and Wife) of the Corporate Debtor not being hit by Section 29(A) of the Code, for it is registered as small unit under MSME Act, the plan submitted by the Promoter-Directors was approved by this Bench on 8-2-2019. In the said plan, the Resolution Applicant had proposed to bring in the CIRP costs within 30 days and Rs. 39 Crores in various stages to settle the claim of the sole Financial Creditor and also a sum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... instead of immediately passing order in this case, waited for more than 9 to 10 adjournments expecting that these Promoter-Directors would come forward with money and take over the functioning of the Corporate Debtor, but that has not happened. 6. Looking at the attendance sheet file, it appears that these Respondents (Promoter-Directors) appeared on and off but have not come out with any concrete proposal or any promise to comply with the Resolution Plan approved by this Bench. For having already two months gone by after filing this application, we are constrained to pass orders to liquidate the Corporate Debtor under section 33(3) of the Code by directing the erstwhile Resolution Professional ("RP") namely, Mr. Chandramouli Ramasubraman ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section 53 of the Code. (c) Since this liquidation order has been passed, no suit or other legal proceedings shall be instituted by or against the Corporate debtor without prior approval of this Adjudicating Authority save and except as mentioned in sub-section 6 of section 33 of the Code. (d) This liquidation order shall be deemed to be notice of discharge to the officers, employees and workmen of the Corporate Debtor except to extent of the business of the Corporate Debtor is continued during the liquidation process by the Liquidator. (e) The liquidator is directed to carry the functions of the Liquidator as envisaged under the Insolvency and Bankruptcy Code, 2016 and also Insolvency and Bankruptcy Board of India (Liquidation Proces ..... X X X X Extracts X X X X X X X X Extracts X X X X
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