(1.) The present Application is filed by the Resolution Professional of RAMAN ISPAT PVT. LIMITED, ("the Corporate Debtor") under Section 33(1) (a) of the Insolvency and Bankruptcy Code, 2016 ("Code") seeking for order of liquidation of the Corporate Debtor Company. It is submitted that the Committee of Creditors has approved for the same within 270 days as prescribed for a Corporate Insolvency Resolution Process because the resolution plan for the Corporate Debtor Company could not be materialized.
(2.) As per record of this Tribunal's order dated 11.04.2017, the present Petition has been admitted under Section 10 of the Insolvency and Bankruptcy Code and appointed Mr. Parveen Bansal as an Interim Resolution Professional in respect of the Corporate Debtor/Corporate Applicant Company, later on he was also confirmed as the Resolution Professional for the Corporate Debtor company by the Committee of Creditors.
(3.) The facts, which are necessary for the disposal of the present application may be stated as under: