Liquidation and CIRP restoration framework updated with moratorium powers, dissolution provisions, and stricter liquidation timelines. Amendment of section 33 restructures the liquidation framework by introducing express powers to declare moratorium, appoint a liquidator, and permit dissolution-related consequences. It creates a restoration mechanism requiring consideration of a committee of creditors application supported by sixty-six per cent voting share before a liquidation order is passed, with restoration possible only once and within specified time limits. It also mandates a liquidation order within thirty days, expands the Adjudicating Authority's consequential powers, omits a prior sub-section, and restricts post-liquidation proceedings except with leave of the Adjudicating Authority.
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Liquidation and CIRP restoration framework updated with moratorium powers, dissolution provisions, and stricter liquidation timelines.
Amendment of section 33 restructures the liquidation framework by introducing express powers to declare moratorium, appoint a liquidator, and permit dissolution-related consequences. It creates a restoration mechanism requiring consideration of a committee of creditors application supported by sixty-six per cent voting share before a liquidation order is passed, with restoration possible only once and within specified time limits. It also mandates a liquidation order within thirty days, expands the Adjudicating Authority's consequential powers, omits a prior sub-section, and restricts post-liquidation proceedings except with leave of the Adjudicating Authority.
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