https://www.taxtmi.com/caselaws?id=275498 Liquidation under the insolvency framework is a last resort and cannot be pursued without first inviting expressions of interest and resolution plans. The resolution professional must facilitate a proper resolution process by calling for prospective applicants before any recommendation for liquidation is made; where that step is omitted, the liquidation recommendation is not accepted. The failure to invite resolution plans also shows non-compliance with the resolution professional's duties, making continuation of the existing resolution professional inappropriate. In that situation, the process may be continued under a substituted resolution professional, with time extended for further insolvency steps and valuation reconsidered if necessary; the final status report of the earlier professional was rejected. en-us Mon, 29 Jan 2018 00:00:00 +0530 Fri, 05 Oct 2018 07:33:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275498 Liquidation under the insolvency framework is a last resort and cannot be pursued without first inviting expressions of interest and resolution plans. The resolution professional must facilitate a proper resolution process by calling for prospective applicants before any recommendation for liquidation is made; where that step is omitted, the liquidation recommendation is not accepted. The failure to invite resolution plans also shows non-compliance with the resolution professional's duties, making continuation of the existing resolution professional inappropriate. In that situation, the process may be continued under a substituted resolution professional, with time extended for further insolvency steps and valuation reconsidered if necessary; the final status report of the earlier professional was rejected. Case-Laws Insolvency and Bankruptcy Mon, 29 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275498