https://www.taxtmi.com/caselaws?id=406616 A scheme of compromise and arrangement under Section 230 of the Companies Act, 2013 was considered unavailable at the liquidation stage under the Insolvency and Bankruptcy Code. The Tribunal treated liquidation as a last-resort regime and held that Section 230 cannot be used to obstruct or delay liquidation once the corporate debtor is already in liquidation, particularly where the proposal would amount to a bypass of the insolvency framework. The proposed MSME classification and Section 29A objections were left unanswered because they were unnecessary in light of the Section 230 conclusion. The challenge to the rejection of the scheme application therefore did not succeed. en-us Tue, 13 Apr 2021 00:00:00 +0530 Mon, 19 Apr 2021 20:33:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406616 A scheme of compromise and arrangement under Section 230 of the Companies Act, 2013 was considered unavailable at the liquidation stage under the Insolvency and Bankruptcy Code. The Tribunal treated liquidation as a last-resort regime and held that Section 230 cannot be used to obstruct or delay liquidation once the corporate debtor is already in liquidation, particularly where the proposal would amount to a bypass of the insolvency framework. The proposed MSME classification and Section 29A objections were left unanswered because they were unnecessary in light of the Section 230 conclusion. The challenge to the rejection of the scheme application therefore did not succeed. Case-Laws Insolvency and Bankruptcy Tue, 13 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406616