https://www.taxtmi.com/caselaws?id=276764 On expiry of the corporate insolvency resolution period without any resolution plan and without a recommendation for extension, the insolvency process moves to liquidation under the Insolvency and Bankruptcy Code, 2016 and the Liquidation Process Regulations. The text notes that, where no plan had been received and the committee of creditors had barely commenced its work, liquidation was the statutory consequence. It further states that the adjudicating authority may refuse to appoint the existing resolution professional as liquidator if the circumstances justify that course, and may seek a fresh name from the Insolvency and Bankruptcy Board of India. en-us Thu, 26 Oct 2017 00:00:00 +0530 Tue, 18 Apr 2023 13:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276764 On expiry of the corporate insolvency resolution period without any resolution plan and without a recommendation for extension, the insolvency process moves to liquidation under the Insolvency and Bankruptcy Code, 2016 and the Liquidation Process Regulations. The text notes that, where no plan had been received and the committee of creditors had barely commenced its work, liquidation was the statutory consequence. It further states that the adjudicating authority may refuse to appoint the existing resolution professional as liquidator if the circumstances justify that course, and may seek a fresh name from the Insolvency and Bankruptcy Board of India. Case-Laws Companies Law Thu, 26 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276764