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8. The Committee of Creditors (COC) constituted which could not reach a Successful Resolution Plan for the accused company and, therefore, Resolution Professional filed an application under Section 33 of the IBC 2016 before the NCLT Mumbai to .....23/-

Judgment 421 apl1679; 1680; 1681; 1685; 1686; & 1687.24 initiate the liquidation of the accused company and appoint Resolution Professional as the official liquidator;

42. The Hon'ble Apex Court in the case of Asmita Sarang vs. Yogesh Badoni and anr, reported in 2023 SCC OnLine Bom 528 in paragraph Nos.31 and 32 observed as follows:

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Judgment 421 apl1679; 1680; 1681; 1685; 1686; & 1687.24 "31. Admittedly, NCLT, Bench at Mumbai vide its order dated 08/01/2019, passed the prohibitory order (referred hereinabove). As a consequence thereof, the company was prohibited from transferring or alienating or disposing of any of its assets. Meaning thereby, the amount in the bank account of the Corporate Debtor/company came to be freezed. Insolvency Resolution Professional was appointed. He took over the charge of management of the Corporate Debtor/company There is communication on record indicating the Corporate Debtor to have expressed its inability to pay the amount of dishonoured cheques on account of moratorium imposed vide order dated 08/01/2019. The concern bank of Corporate Debtor/company was also informed the operation of bank account was taken over by Insolvency Resolution Professional.