Liquidation Process against corporate Debtor [ section 33 ]

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..... [ Section 33(1)(a) ] * (b) The Adjudicating Authority Rejects the resolution plan under section 31 for the non-compliance of the requirements specified therein, * (i) pass an order requiring the corporate debtor to be liquidated in the manner as laid down in this Chapter; * (ii) issue a public announcement stating that the corporate debtor is in liquidation; and * (iii) require such order to be sent to the authority with which the corporate debtor is registered. [ Section 33(1)(b) ] * (c) Where the resolution professional, at any time during the corporate insolvency resolution process but before confirmation of resolution plan, intimates the Adjudicating Authority of the decision of the committee of creditors approved by not les....

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....sed, no suit or other legal proceeding shall be instituted by or against the corporate debtor. * A suit or other legal proceeding may be instituted by the liquidator, on behalf of the corporate debtor, with the prior approval of the Adjudicating Authority. * Exception:- The provisions of section 33(5) shall not apply to legal proceedings in relation to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. [ Section 33(6) ] Order of Liquidation deemed to be notice of discharge [ Section 33(7) ] * The order for liquidation under this section shall be deemed to be a notice of discharge to the officers, employees and workmen of the corporate debtor, except when the business o....

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....ts, whose matters are to be determined by the liquidator. They cannot move an application for removal of the liquidator. * Y. Shivram Prasad Vs. S. Dhanapal & Ors. - NCLAT Dated 27.02.2019 * During the liquidation process, it is necessary to take steps for revival and continuance of the CD by protecting it from its management and from a death by liquidation. * Ratna Singh and Anr. Vs. Theme Export Pvt. Ltd. & Anr. - NCLAT Dated 18.11.2020 * An appeal against a liquidation order passed under section 33 may be filed on the grounds of material irregularity or fraud committed in relation to liquidation order. The Code is not for initiating proceedings for prevention of oppression and mismanagement but is armed with provisions for initia....