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NCLT orders liquidation of corporate debtor as no resolution plan was submitted after expiry of CIRP period

May 15, 2019[2019] 106 319 (NCLT- Chennai )

IBC : Where resolution plans were rejected by CoC and settlement proposal made by one of suspended directors of corporate debtor failed, as no resolution plan could be received before expiry of CIRP period, corporate debtor was to be ordered for liquidation

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