https://www.taxtmi.com/caselaws?id=402851 The court granted the Application filed by the Liquidator to distribute the unsold Intellectual Property of the Corporate Debtor to the Technology Development Board (TDB) to settle their liabilities. Due to insufficient funds and unsuccessful attempts to sell the assets, the court ordered the dissolution of the Corporate Debtor. The judgment clarified that the Directors would not be absolved of personal legal liability. The decision was based on the provisions of the Insolvency and Bankruptcy Code, 2016, and the IBBI (Liquidation Process) Regulations, 2016, to ensure a just outcome in the circumstances presented. en-us Mon, 24 Aug 2020 00:00:00 +0530 Thu, 14 Jan 2021 11:30:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402851 The court granted the Application filed by the Liquidator to distribute the unsold Intellectual Property of the Corporate Debtor to the Technology Development Board (TDB) to settle their liabilities. Due to insufficient funds and unsuccessful attempts to sell the assets, the court ordered the dissolution of the Corporate Debtor. The judgment clarified that the Directors would not be absolved of personal legal liability. The decision was based on the provisions of the Insolvency and Bankruptcy Code, 2016, and the IBBI (Liquidation Process) Regulations, 2016, to ensure a just outcome in the circumstances presented. Case-Laws Insolvency and Bankruptcy Mon, 24 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402851