https://www.taxtmi.com/caselaws?id=386617 When no resolution plan is approved within the CIRP period and the Committee of Creditors resolves to liquidate, liquidation follows under the Insolvency and Bankruptcy Code. The Corporate Debtor's deposits before the DRT were treated as assets and actionable claims forming part of the liquidation estate under section 36(3), so the Liquidator was required to take custody, control, and recovery of those amounts for the benefit of creditors. The realised funds were to be distributed under the statutory waterfall in section 53. en-us Fri, 03 May 2019 00:00:00 +0530 Sat, 13 Mar 2021 13:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386617 When no resolution plan is approved within the CIRP period and the Committee of Creditors resolves to liquidate, liquidation follows under the Insolvency and Bankruptcy Code. The Corporate Debtor's deposits before the DRT were treated as assets and actionable claims forming part of the liquidation estate under section 36(3), so the Liquidator was required to take custody, control, and recovery of those amounts for the benefit of creditors. The realised funds were to be distributed under the statutory waterfall in section 53. Case-Laws Insolvency and Bankruptcy Fri, 03 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386617