https://www.taxtmi.com/caselaws?id=382522 In liquidation proceedings under the Insolvency and Bankruptcy Code, revival through a compromise or arrangement under section 230 of the Companies Act, 2013 must be explored before the corporate debtor is reduced to asset sale and dissolution. The commentary notes that where liquidation has been ordered after expiry of the resolution timeline and the proposed applicant's eligibility under section 29A is in doubt, the liquidation order itself may not be interfered with on the merits of the offer. Even so, the liquidator is expected to verify claims, take custody of assets, and pursue the section 230 revival route before any sale, with sale as a going concern only if revival fails. en-us Thu, 09 May 2019 00:00:00 +0530 Fri, 05 Jul 2019 06:23:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382522 In liquidation proceedings under the Insolvency and Bankruptcy Code, revival through a compromise or arrangement under section 230 of the Companies Act, 2013 must be explored before the corporate debtor is reduced to asset sale and dissolution. The commentary notes that where liquidation has been ordered after expiry of the resolution timeline and the proposed applicant's eligibility under section 29A is in doubt, the liquidation order itself may not be interfered with on the merits of the offer. Even so, the liquidator is expected to verify claims, take custody of assets, and pursue the section 230 revival route before any sale, with sale as a going concern only if revival fails. Case-Laws Insolvency and Bankruptcy Thu, 09 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382522