https://www.taxtmi.com/caselaws?id=365561 The judgment in this case focused on the adoption of a resolution for the liquidation of the Corporate Debtor by the Committee of Creditors (CoC) after the expiry of the 180-day period for the Corporate Insolvency Resolution (CIR) process. The lack of decision-making authority among CoC members, failure to seek authorization for an extension of the CIR process period, and incomplete vote sharing by Financial Creditors raised concerns about procedural compliance. The judgment directed the Resolution Professional to inform the CoC of the order and forwarded a copy to the Insolvency and Bankruptcy Board of India for potential actions. Further proceedings were scheduled to address the identified issues. en-us Thu, 07 Jun 2018 00:00:00 +0530 Mon, 20 Aug 2018 07:53:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=365561 The judgment in this case focused on the adoption of a resolution for the liquidation of the Corporate Debtor by the Committee of Creditors (CoC) after the expiry of the 180-day period for the Corporate Insolvency Resolution (CIR) process. The lack of decision-making authority among CoC members, failure to seek authorization for an extension of the CIR process period, and incomplete vote sharing by Financial Creditors raised concerns about procedural compliance. The judgment directed the Resolution Professional to inform the CoC of the order and forwarded a copy to the Insolvency and Bankruptcy Board of India for potential actions. Further proceedings were scheduled to address the identified issues. Case-Laws Insolvency and Bankruptcy Thu, 07 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=365561