https://www.taxtmi.com/caselaws?id=390856 Where the Committee of Creditors rejected the resolution plan and unanimously approved liquidation, Section 33(2) of the Insolvency and Bankruptcy Code required the Adjudicating Authority to pass a liquidation order once that decision was communicated by the resolution professional. The record showed that the plan had been considered, revised and ultimately rejected, and the statutory basis for liquidation was satisfied. The Tribunal accordingly directed liquidation of the corporate debtor and issued consequential directions for appointment of a liquidator, public announcement, cessation of the earlier moratorium, commencement of the liquidation moratorium, intimation to authorities, and conduct of the process under the liquidation regulations. en-us Wed, 18 Sep 2019 00:00:00 +0530 Tue, 14 Jan 2020 08:32:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390856 Where the Committee of Creditors rejected the resolution plan and unanimously approved liquidation, Section 33(2) of the Insolvency and Bankruptcy Code required the Adjudicating Authority to pass a liquidation order once that decision was communicated by the resolution professional. The record showed that the plan had been considered, revised and ultimately rejected, and the statutory basis for liquidation was satisfied. The Tribunal accordingly directed liquidation of the corporate debtor and issued consequential directions for appointment of a liquidator, public announcement, cessation of the earlier moratorium, commencement of the liquidation moratorium, intimation to authorities, and conduct of the process under the liquidation regulations. Case-Laws Insolvency and Bankruptcy Wed, 18 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390856