CoC empowered to decide to liquidate Corporate Debtor before confirmation of resolution plan

Sanjay Dave Vs Andhra Bank Ltd (NCALT Delhi)

NCLAT Delhi held that section 33 of Insolvency and Bankruptcy Code, 2016 (IBC) empowers the CoC to decide to liquidate the Corporate Debtor any time before the confirmation of the resolution plan by the Adjudicating Authority.

Facts- On 09.08.2018, Corporate Debtor was admitted into insolvency. Interested resolution applicants were given time to submit their resolution plans to the Resolution Professional on or before 22.04.2019. CIRP period came to an end on 13.05.2019. On 11.02.2020, decision was taken by CoC

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