https://www.taxtmi.com/caselaws?id=405305 Prolonged CIRP, repeated rejection of the resolution plan and successive addenda, and expiry of the statutory resolution period justified moving the corporate debtor to liquidation under the IBC. The text notes that the insolvency framework is meant to operate in a time-bound manner, and repeated remittal to the same resolution applicant after significant delay would frustrate that object. It also states that the Adjudicating Authority should not interfere with the commercial wisdom of the Committee of Creditors. The impugned order treating the liquidation application as not maintainable and infructuous was set aside, and liquidation of the corporate debtor was directed. en-us Tue, 16 Mar 2021 00:00:00 +0530 Mon, 15 Nov 2021 12:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405305 Prolonged CIRP, repeated rejection of the resolution plan and successive addenda, and expiry of the statutory resolution period justified moving the corporate debtor to liquidation under the IBC. The text notes that the insolvency framework is meant to operate in a time-bound manner, and repeated remittal to the same resolution applicant after significant delay would frustrate that object. It also states that the Adjudicating Authority should not interfere with the commercial wisdom of the Committee of Creditors. The impugned order treating the liquidation application as not maintainable and infructuous was set aside, and liquidation of the corporate debtor was directed. Case-Laws Insolvency and Bankruptcy Tue, 16 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405305