2020 (4) TMI 733

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....porate 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 o....

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....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 Ramasubramani....