https://www.taxtmi.com/caselaws?id=382588 The Tribunal found that the 'Resolution Plan' approved for the closure of the 'Corporate Debtor' was against the objectives of the Insolvency and Bankruptcy Code. The plan's approval was deemed a violation of the Code, and the Tribunal set aside the part of the plan related to closure but upheld the rest. The Tribunal directed the 'Corporate Debtor' to ensure the company remains operational without retrenching employees. The case was remitted for necessary corrections in the plan, with a warning that if not amended, it would be set aside, and the Tribunal would proceed afresh. en-us Mon, 13 May 2019 00:00:00 +0530 Fri, 05 Jul 2019 18:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382588 The Tribunal found that the 'Resolution Plan' approved for the closure of the 'Corporate Debtor' was against the objectives of the Insolvency and Bankruptcy Code. The plan's approval was deemed a violation of the Code, and the Tribunal set aside the part of the plan related to closure but upheld the rest. The Tribunal directed the 'Corporate Debtor' to ensure the company remains operational without retrenching employees. The case was remitted for necessary corrections in the plan, with a warning that if not amended, it would be set aside, and the Tribunal would proceed afresh. Case-Laws Insolvency and Bankruptcy Mon, 13 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382588