2019 (3) TMI 1809

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..... AT:- Such submission cannot be accepted. In the situation where a Resolution Applicant succeeds as Corporate Debtor but if fails to comply its assurance in terms of the resolution plan, what step is to be taken has been already been laid down in Sub-section (3) of Section 33 of the I B Code - the Adjudicating Authority had no option but to pass order of liquidation and could not have resorted t .....

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..... pproval the Corporate Debtor was taken over by the Respondent No. 3 - M/s Ace Star Properties Pvt. Ltd. but later on it failed to pay the due in term with the resolution plan. It is in this background, M/s J M Financial Asset Reconstruction Company Ltd. (Financial Creditor Respondent No. 1 herein) filed application before the Adjudicating Authority, who by impugned order dated 11th December, 2018 .....

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..... by the concerned corporate debtor, any person other than the corporate debtor, whose interests are prejudicially affected by such contravention, may make an application to the Adjudicating Authority for a liquidation order as referred to in sub-clauses (i), (ii) and (iii) of clause (b) of sub-section (1). 4. In view of the specific provision made under the I B Code, we are of the view that the .....

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