https://www.taxtmi.com/caselaws?id=401693 The Adjudicating Authority declared certain CoC members as unsecured creditors, not financial creditors eligible for the CIRP process. It determined that advances constituted loans despite the absence of formal agreements, highlighting extortionate credit transactions due to high interest rates. Legal delays did not warrant exclusion from the CIRP timeline, leading to a 90-day extension for completion. Liquidation under Section 33(2) of the IBC was ordered due to the non-operational status and lack of viable resolutions. Valuation reports guided the decision, appointing a Liquidator and issuing compliance directives. en-us Thu, 19 Nov 2020 00:00:00 +0530 Tue, 15 Dec 2020 10:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401693 The Adjudicating Authority declared certain CoC members as unsecured creditors, not financial creditors eligible for the CIRP process. It determined that advances constituted loans despite the absence of formal agreements, highlighting extortionate credit transactions due to high interest rates. Legal delays did not warrant exclusion from the CIRP timeline, leading to a 90-day extension for completion. Liquidation under Section 33(2) of the IBC was ordered due to the non-operational status and lack of viable resolutions. Valuation reports guided the decision, appointing a Liquidator and issuing compliance directives. Case-Laws Insolvency and Bankruptcy Thu, 19 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401693