https://www.taxtmi.com/caselaws?id=396752 Where no resolution plan was received, the corporate debtor had ceased operations, its assets were realised, and liquidation was considered unnecessary, the Tribunal treated early dissolution as permissible in exercise of its insolvency powers and inherent procedural powers. It ordered dissolution with immediate effect because continuation of liquidation would serve no practical purpose. On distribution of the remaining balance, the Tribunal applied the statutory priority framework and permitted pro-rata payment to workmen after provision for bank charges, in line with the approved claim distribution. en-us Tue, 26 May 2020 00:00:00 +0530 Sat, 18 Jul 2020 09:51:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396752 Where no resolution plan was received, the corporate debtor had ceased operations, its assets were realised, and liquidation was considered unnecessary, the Tribunal treated early dissolution as permissible in exercise of its insolvency powers and inherent procedural powers. It ordered dissolution with immediate effect because continuation of liquidation would serve no practical purpose. On distribution of the remaining balance, the Tribunal applied the statutory priority framework and permitted pro-rata payment to workmen after provision for bank charges, in line with the approved claim distribution. Case-Laws Insolvency and Bankruptcy Tue, 26 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396752