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Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
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AI Drafter - (New and Powerful) ✕ Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
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Issues: Whether the corporate debtor, in the absence of an approved resolution plan within the prescribed insolvency resolution period, was liable to be ordered into liquidation and a liquidator appointed.
Analysis: The corporate insolvency resolution process had already been initiated and extended, but no resolution plan was approved by the committee of creditors before expiry of the maximum period. The financial creditors remained divided, and the deadlock prevented approval of the proposed plan. In these circumstances, the statutory mandate under Section 33 of the Insolvency and Bankruptcy Code, 2016 required commencement of liquidation. The resolution professional had also given written consent to act as liquidator, enabling appointment to be made forthwith. Consequential directions were issued regarding public announcement, cessation of the existing moratorium, commencement of the liquidation moratorium, investigation of the corporate debtor's affairs, and notices to the relevant authorities.
Conclusion: The application for liquidation was allowed, the corporate debtor was directed to be liquidated, and the resolution professional was appointed as liquidator.
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