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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: (i) Whether the Corporate Debtor was liable to be ordered into liquidation under the Insolvency and Bankruptcy Code, 2016. (ii) Whether the proposed Resolution Professional could be appointed as liquidator.
Issue (i): Whether the Corporate Debtor was liable to be ordered into liquidation under the Insolvency and Bankruptcy Code, 2016.
Analysis: The Corporate Insolvency Resolution Process had already run its course, no resolution plan had been received, and the Committee of Creditors had unanimously resolved to proceed with liquidation. In these circumstances, the statutory conditions for liquidation under section 33 of the Insolvency and Bankruptcy Code, 2016 stood satisfied.
Conclusion: The Corporate Debtor was ordered to be liquidated.
Issue (ii): Whether the proposed Resolution Professional could be appointed as liquidator.
Analysis: The proposed professional had given consent to act as liquidator and possessed the requisite authorization for assignment. The Code permits appointment of the Resolution Professional as liquidator in accordance with section 34, and the proposal had been recommended by the Committee of Creditors.
Conclusion: The proposed Resolution Professional was appointed as liquidator.
Final Conclusion: The liquidation application was allowed, the Corporate Debtor entered liquidation, and the liquidation process was to proceed under the statutory framework of the Insolvency and Bankruptcy Code, 2016 and the applicable liquidation regulations.
Ratio Decidendi: Where no resolution plan is received and the Committee of Creditors resolves to liquidate, the adjudicating authority is bound to order liquidation and may appoint the proposed Resolution Professional as liquidator if the statutory requirements are met.
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