https://www.taxtmi.com/caselaws?id=355564 A resolution plan under the Insolvency and Bankruptcy Code, 2016 cannot be confirmed unless it secures the statutory voting share required from the Committee of Creditors, and the plan here failed on that ground. As a result, the insolvency resolution process failed and liquidation followed under the Code. Even so, the liquidation framework allowed the corporate debtor's business to be offered first as a going concern, because continued operation during liquidation may preserve employment and improve value realisation. The liquidator was therefore directed to attempt an initial going-concern sale for a limited period before resorting to the prescribed liquidation sale of assets. en-us Thu, 11 Jan 2018 00:00:00 +0530 Thu, 15 Feb 2018 09:25:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=355564 A resolution plan under the Insolvency and Bankruptcy Code, 2016 cannot be confirmed unless it secures the statutory voting share required from the Committee of Creditors, and the plan here failed on that ground. As a result, the insolvency resolution process failed and liquidation followed under the Code. Even so, the liquidation framework allowed the corporate debtor's business to be offered first as a going concern, because continued operation during liquidation may preserve employment and improve value realisation. The liquidator was therefore directed to attempt an initial going-concern sale for a limited period before resorting to the prescribed liquidation sale of assets. Case-Laws Insolvency and Bankruptcy Thu, 11 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=355564