https://www.taxtmi.com/caselaws?id=395854 A section 10 application under the Insolvency and Bankruptcy Code was admitted where the corporate debtor showed irreversible financial distress, substantial unpaid operational debt, negligible current assets, closed manufacturing operations, sold plant and machinery, eroded net worth, and audit doubts over going concern status. On those facts, the Adjudicating Authority found no realistic prospect of revival through a resolution process and treated liquidation as the appropriate course. The corporate debtor was therefore ordered to be liquidated and a liquidator was appointed. en-us Fri, 08 Nov 2019 00:00:00 +0530 Wed, 10 Jun 2020 20:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395854 A section 10 application under the Insolvency and Bankruptcy Code was admitted where the corporate debtor showed irreversible financial distress, substantial unpaid operational debt, negligible current assets, closed manufacturing operations, sold plant and machinery, eroded net worth, and audit doubts over going concern status. On those facts, the Adjudicating Authority found no realistic prospect of revival through a resolution process and treated liquidation as the appropriate course. The corporate debtor was therefore ordered to be liquidated and a liquidator was appointed. Case-Laws Insolvency and Bankruptcy Fri, 08 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395854