https://www.taxtmi.com/caselaws?id=368264 The Insolvency and Bankruptcy Code allocates the decision to pursue resolution or liquidation to the Committee of Creditors, and the Adjudicating Authority cannot use section 60(5) to compel approval of resolution-plan invitations, extend the corporate insolvency resolution process, or exclude time spent in replacing the resolution professional absent fraud or Code violation. The resolution professional may invite resolution applicants only with CoC approval under section 25(2)(h). Where no resolution plan is received within the statutory framework and the CoC does not approve further continuation, liquidation follows under section 33, and the resolution professional may be appointed as liquidator. en-us Tue, 21 Aug 2018 00:00:00 +0530 Thu, 04 Oct 2018 16:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368264 The Insolvency and Bankruptcy Code allocates the decision to pursue resolution or liquidation to the Committee of Creditors, and the Adjudicating Authority cannot use section 60(5) to compel approval of resolution-plan invitations, extend the corporate insolvency resolution process, or exclude time spent in replacing the resolution professional absent fraud or Code violation. The resolution professional may invite resolution applicants only with CoC approval under section 25(2)(h). Where no resolution plan is received within the statutory framework and the CoC does not approve further continuation, liquidation follows under section 33, and the resolution professional may be appointed as liquidator. Case-Laws Insolvency and Bankruptcy Tue, 21 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368264