https://www.taxtmi.com/caselaws?id=293459 The NCLT held that a challenge to the Committee of Creditors' liquidation resolution could not succeed where the CoC, acting with 100% voting share, had validly exercised its commercial wisdom after repeated extensions and the record showed no substantiated lack of knowledge or misrepresentation. The plea of ignorance of insolvency procedure was treated as an afterthought and could not invalidate the resolution. As no resolution plan had been received within the maximum CIRP period, section 33 of the Insolvency and Bankruptcy Code operated and liquidation of the corporate debtor had to be ordered, with the moratorium ceasing on liquidation and the resolution professional appointed as liquidator. en-us Mon, 06 Jan 2020 00:00:00 +0530 Thu, 11 Feb 2021 20:27:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293459 The NCLT held that a challenge to the Committee of Creditors' liquidation resolution could not succeed where the CoC, acting with 100% voting share, had validly exercised its commercial wisdom after repeated extensions and the record showed no substantiated lack of knowledge or misrepresentation. The plea of ignorance of insolvency procedure was treated as an afterthought and could not invalidate the resolution. As no resolution plan had been received within the maximum CIRP period, section 33 of the Insolvency and Bankruptcy Code operated and liquidation of the corporate debtor had to be ordered, with the moratorium ceasing on liquidation and the resolution professional appointed as liquidator. Case-Laws Insolvency and Bankruptcy Mon, 06 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293459