https://www.taxtmi.com/caselaws?id=290459 The Tribunal allowed the application for liquidation of the Corporate Debtor, appointing the Resolution Professional (RP) as the Liquidator. The Committee of Creditors (COC) unanimously decided on liquidation due to the absence of viable plans, with the RP consenting to act as Liquidator. The Tribunal emphasized its lack of jurisdiction to interfere in the COC's commercial wisdom, citing relevant precedents. Various orders were issued, including the cessation of moratorium, public announcement of liquidation, prohibition of legal proceedings without approval, and empowerment of the Liquidator with specified duties. The application was disposed of with the outlined orders and observations. en-us Wed, 01 Jan 2020 00:00:00 +0530 Mon, 28 Sep 2020 09:53:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290459 The Tribunal allowed the application for liquidation of the Corporate Debtor, appointing the Resolution Professional (RP) as the Liquidator. The Committee of Creditors (COC) unanimously decided on liquidation due to the absence of viable plans, with the RP consenting to act as Liquidator. The Tribunal emphasized its lack of jurisdiction to interfere in the COC's commercial wisdom, citing relevant precedents. Various orders were issued, including the cessation of moratorium, public announcement of liquidation, prohibition of legal proceedings without approval, and empowerment of the Liquidator with specified duties. The application was disposed of with the outlined orders and observations. Case-Laws Insolvency and Bankruptcy Wed, 01 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290459