https://www.taxtmi.com/caselaws?id=387481 The National Company Law Tribunal, Chennai Bench, upheld the liquidation order passed by the Adjudicating Authority, finding it in accordance with the law. It determined that the Corporate Insolvency Resolution Process (CIRP) procedure was not correctly followed due to the absence of an Information Memorandum, leading to the inability to file resolution plans. The Tribunal declined to grant additional time for the resolution process beyond the initial 30-day extension, emphasizing the Liquidator's duty to ensure the company's revival during liquidation and follow specific steps outlined in relevant cases. The appeals were disposed of with directions for the Liquidator to act accordingly under Section 230 of the Companies Act, 2013. en-us Thu, 08 Aug 2019 00:00:00 +0530 Thu, 24 Oct 2019 14:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387481 The National Company Law Tribunal, Chennai Bench, upheld the liquidation order passed by the Adjudicating Authority, finding it in accordance with the law. It determined that the Corporate Insolvency Resolution Process (CIRP) procedure was not correctly followed due to the absence of an Information Memorandum, leading to the inability to file resolution plans. The Tribunal declined to grant additional time for the resolution process beyond the initial 30-day extension, emphasizing the Liquidator's duty to ensure the company's revival during liquidation and follow specific steps outlined in relevant cases. The appeals were disposed of with directions for the Liquidator to act accordingly under Section 230 of the Companies Act, 2013. Case-Laws Insolvency and Bankruptcy Thu, 08 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387481