https://www.taxtmi.com/caselaws?id=398875 The Tribunal dismissed the Intervention Application challenging the rejection of the Expression of Interest (EoI) by the Resolution Professional, allowing the initiation of the liquidation process for the Corporate Debtor with the Resolution Professional appointed as the Liquidator, subject to specific terms and directions. The Committee of Creditors decided on liquidation due to the failure of resolution applicants to submit plans, absence of viable business, and lack of fixed assets. The Tribunal found no grounds to interfere with the rejection of the EoI and directed the Liquidator to comply with IBC provisions, conduct investigations, and proceed with the liquidation process as per the Code. en-us Fri, 03 Jul 2020 00:00:00 +0530 Sat, 26 Sep 2020 11:41:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398875 The Tribunal dismissed the Intervention Application challenging the rejection of the Expression of Interest (EoI) by the Resolution Professional, allowing the initiation of the liquidation process for the Corporate Debtor with the Resolution Professional appointed as the Liquidator, subject to specific terms and directions. The Committee of Creditors decided on liquidation due to the failure of resolution applicants to submit plans, absence of viable business, and lack of fixed assets. The Tribunal found no grounds to interfere with the rejection of the EoI and directed the Liquidator to comply with IBC provisions, conduct investigations, and proceed with the liquidation process as per the Code. Case-Laws Insolvency and Bankruptcy Fri, 03 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398875