https://www.taxtmi.com/caselaws?id=393863 The application under section 60(5) of the Insolvency and Bankruptcy Code, 2016 to convene a CoC meeting and consider a revised proposal was dismissed. The Adjudicating Authority ruled that the applicant's submission was not a valid resolution plan, lacking mandatory contents and due diligence. Despite modifications and negotiations, the CoC rejected the proposal, emphasizing feasibility and viability concerns. The RP's decision to file for liquidation was upheld, highlighting the importance of complying with legal provisions and ensuring equitable treatment of all resolution applicants to maximize creditor recovery. en-us Mon, 03 Feb 2020 00:00:00 +0530 Wed, 06 May 2020 15:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393863 The application under section 60(5) of the Insolvency and Bankruptcy Code, 2016 to convene a CoC meeting and consider a revised proposal was dismissed. The Adjudicating Authority ruled that the applicant's submission was not a valid resolution plan, lacking mandatory contents and due diligence. Despite modifications and negotiations, the CoC rejected the proposal, emphasizing feasibility and viability concerns. The RP's decision to file for liquidation was upheld, highlighting the importance of complying with legal provisions and ensuring equitable treatment of all resolution applicants to maximize creditor recovery. Case-Laws Insolvency and Bankruptcy Mon, 03 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393863