https://www.taxtmi.com/caselaws?id=279593 Where a resolution plan did not receive the requisite unconditional approval of the Committee of Creditors and the CIRP period had expired, the statutory basis for approval under the Insolvency and Bankruptcy Code was not met. The NCLT, Mumbai Bench therefore proceeded to liquidation under Section 33(1), directed liquidation of the corporate debtor, and appointed the resolution professional as liquidator. The operative principle stated is that failure to secure the necessary creditor approval, coupled with exhaustion of the resolution timeline, triggers liquidation under the Code. en-us Mon, 25 Jun 2018 00:00:00 +0530 Wed, 27 Mar 2019 06:02:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279593 Where a resolution plan did not receive the requisite unconditional approval of the Committee of Creditors and the CIRP period had expired, the statutory basis for approval under the Insolvency and Bankruptcy Code was not met. The NCLT, Mumbai Bench therefore proceeded to liquidation under Section 33(1), directed liquidation of the corporate debtor, and appointed the resolution professional as liquidator. The operative principle stated is that failure to secure the necessary creditor approval, coupled with exhaustion of the resolution timeline, triggers liquidation under the Code. Case-Laws Insolvency and Bankruptcy Mon, 25 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279593