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TMI BlogLiquidation Process against corporate Debtor [ section 33 ]X X X X Extracts X X X X X X X X Extracts X X X X ..... e may be, or does not receive a resolution plan under section 30(6) . [ 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 co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ss a liquidation order as referred to in sub-clauses (i), (ii) and (iii) of clause (b) of section 33(1) . Bar to filing of suits and legal proceedings [ Section 33(5) ] Subject to section 52 , when a liquidation order has been passed, 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. [ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CLAT Dated 30.05.2019 In the event of liquidation, the amount to be paid to the Central Government or the State Government against the operational debt should not be less than an amount to be paid to the OC. Punjab National Bank Vs. Mr. Kiran Shah - NCLAT Dated 21.01.2020 The CoC has no role to play after the order of liquidation. They are mere claimants, 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 b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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