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Insolvency and BankruptcyDecember 5, 2022Case LawsAT
Liquidation of Corporate Debtor - section 33 of IBC - This Appellate Tribunal is very conscious of the fact that Liquidation should be the last resort as this virtually tantamount to death knell of the Corporate Debtor, However, it is also to be considered that the Corporate Insolvency Resolution Process proceedings are required to be completed within stipulated period - the Adjudicating Authority has no jurisdiction and/ or authority to analyse or evaluate the decision of the Committee of Creditors to enquire into the justness of the rejection of the Resolution Plan by the dissenting Financial Creditors. - AT
Liquidation of Corporate Debtor - section 33 of IBC - This Appellate Tribunal is very conscious of the fact that Liquidation should be the last resort as this virtually tantamount to death knell of the Corporate Debtor, However, it is also to be considered that the Corporate Insolvency Resolution Process proceedings are required to be completed within stipulated period - the Adjudicating Authority has no jurisdiction and/ or authority to analyse or evaluate the decision of the Committee of Creditors to enquire into the justness of the rejection of the Resolution Plan by the dissenting Financial Creditors. - AT
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