https://www.taxtmi.com/caselaws?id=399192 Where no resolution plan is approved by the committee of creditors within the maximum insolvency resolution period, Section 33 of the Insolvency and Bankruptcy Code, 2016 mandates liquidation of the corporate debtor. The tribunal noted that the resolution process had been extended, but creditor deadlock prevented approval of any plan before expiry of the statutory limit. As the resolution professional had written consent to act as liquidator, the tribunal directed liquidation and appointed him as liquidator. It also ordered the usual consequential steps, including public announcement, cessation of the existing moratorium, commencement of the liquidation moratorium, investigation of the corporate debtor's affairs, and notices to the relevant authorities. en-us Tue, 05 May 2020 00:00:00 +0530 Tue, 06 Oct 2020 11:44:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399192 Where no resolution plan is approved by the committee of creditors within the maximum insolvency resolution period, Section 33 of the Insolvency and Bankruptcy Code, 2016 mandates liquidation of the corporate debtor. The tribunal noted that the resolution process had been extended, but creditor deadlock prevented approval of any plan before expiry of the statutory limit. As the resolution professional had written consent to act as liquidator, the tribunal directed liquidation and appointed him as liquidator. It also ordered the usual consequential steps, including public announcement, cessation of the existing moratorium, commencement of the liquidation moratorium, investigation of the corporate debtor's affairs, and notices to the relevant authorities. Case-Laws Insolvency and Bankruptcy Tue, 05 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399192