https://www.taxtmi.com/caselaws?id=401444 The National Company Law Tribunal, Ahmedabad Bench, allowed the application for liquidation of a Corporate Debtor under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The Tribunal upheld the decision of the Committee of Creditors (CoC) to opt for liquidation due to the absence of assets and business operations, minimizing costs. Emphasizing its limited power to interfere with the CoC's commercial decisions, the Tribunal appointed the Interim Resolution Professional (IRP) as the Liquidator, issuing orders for the cessation of moratorium and transfer of powers. The judgment ensured a smooth transition into the liquidation phase, in compliance with legal principles and statutory provisions. en-us Fri, 14 Aug 2020 00:00:00 +0530 Tue, 08 Dec 2020 11:00:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401444 The National Company Law Tribunal, Ahmedabad Bench, allowed the application for liquidation of a Corporate Debtor under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The Tribunal upheld the decision of the Committee of Creditors (CoC) to opt for liquidation due to the absence of assets and business operations, minimizing costs. Emphasizing its limited power to interfere with the CoC's commercial decisions, the Tribunal appointed the Interim Resolution Professional (IRP) as the Liquidator, issuing orders for the cessation of moratorium and transfer of powers. The judgment ensured a smooth transition into the liquidation phase, in compliance with legal principles and statutory provisions. Case-Laws Insolvency and Bankruptcy Fri, 14 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401444