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Liquidation proceeding of corporate debtor was to be initiated when resolution plan was not feasible: NCLT

November 12, 2018[2018] 100 254 (NCLT- Chennai )

IBC: Where CoC asked promoters of corporate debtor to submit One Time Settlement plan but promoters filed revival plan which CoC found not feasible and CoC reiterated liquidation of corporate debtor, application for initiation of liquidation proceedings was to be admitted

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