https://www.taxtmi.com/caselaws?id=368809 The National Company Law Tribunal, Kolkata, ordered the liquidation of the corporate debtor, Bajrangbali Alloys Private Limited, under section 33 of the Insolvency and Bankruptcy Code, 2016. The decision stemmed from the Committee of Creditors' choice not to extend the Corporate Insolvency Resolution Process period due to the absence of a viable Resolution Plan within the specified timeframe. The Resolution Professional's application for liquidation highlighted the non-operational status of the debtor, lack of valuable assets, and the dilapidated condition of the premises, leading to the conclusion that liquidation was the appropriate course of action to expedite asset disposal without significant socioeconomic impact. The RP was appointed as the Liquidator with specific directives for the liquidation process. en-us Tue, 28 Aug 2018 00:00:00 +0530 Mon, 15 Oct 2018 14:13:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368809 The National Company Law Tribunal, Kolkata, ordered the liquidation of the corporate debtor, Bajrangbali Alloys Private Limited, under section 33 of the Insolvency and Bankruptcy Code, 2016. The decision stemmed from the Committee of Creditors' choice not to extend the Corporate Insolvency Resolution Process period due to the absence of a viable Resolution Plan within the specified timeframe. The Resolution Professional's application for liquidation highlighted the non-operational status of the debtor, lack of valuable assets, and the dilapidated condition of the premises, leading to the conclusion that liquidation was the appropriate course of action to expedite asset disposal without significant socioeconomic impact. The RP was appointed as the Liquidator with specific directives for the liquidation process. Case-Laws Insolvency and Bankruptcy Tue, 28 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368809