2019 (12) TMI 394

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....rate debtor, M/s. Mohan Gems and Jewels Private Limited. 2. The facts in brief are that the financial creditor, M/s Invent Assets Securitization & Reconstruction Private Limited had filed application under Section 7 of the Code bearing number IB-590 (PB)/2018 for initiation of Corporate Insolvency Resolution Process against the corporate debtor. The said application was admitted by this Tribunal on 25.09.2018 initiating Corporate Insolvency Resolution Process against the corporate debtor M/s. Mohan Gems and Jewels Private Limited and there in appointed Mr. Debashis Nanda as Interim Resolution Professional (IRP). 3. Thereafter, in terms of Regulation 6(1) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process fo....

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....n 33(2) of the Code. It is pertinent to mention here that the applicant RP has given his consent to act as Liquidator in requisite Form AA on 20.06.2019. 8. In the facts and upon failure of resolution process there being no resolution plan and also on expiry of the statutory Corporate Insolvency Resolution Period of 270 days; Liquidation as proposed by the CoC has to follow. 9. In the factual background and in the absence of any resolution plan there is no other alternative but to order in conformity with the majority decision of the Committee of Creditors, for liquidation of the corporate debtor under Section 33 of the Code. 10. In the result the application is allowed by ordering liquidation of the corporate debtor, namely M/s. M....