CP(IB)-89/7/NCLT/AHM/2017-NCLT

The Resolution Professional filed an application praying for an order of liquidation. The Adjudicating Authority noted that the Resolution Professional did not invite application for resolution plan and straight away decided to go for liquidation. It held that the very object/intention of the Code is to revive a company under the CIRP and not to liquidate it. In the instant case it is clear that the resolution professional has omitted to perform his statutory duties and responsibilities nor the CoC seems to have shown much interest and made efforts to achieve the object of the Code for exploring the possibilities for revival of the company. Accordingly, it directed the Resolution Professional to act as per section 25 of the Code.