https://www.taxtmi.com/caselaws?id=407225 Where the CIRP period had expired, no resolution plan was received, and the committee of creditors approved liquidation unanimously, liquidation followed as the only available course under the Insolvency and Bankruptcy Code. Since the resolution professional declined to act as liquidator, the tribunal could appoint another eligible insolvency professional under the liquidation framework, subject to a valid authorisation for assignment. The accompanying directions on handover of records, cessation of the board's powers, public notice, conduct of liquidation, and restriction on proceedings were issued in terms of the Code and liquidation regulations. en-us Tue, 13 Apr 2021 00:00:00 +0530 Tue, 04 May 2021 08:52:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407225 Where the CIRP period had expired, no resolution plan was received, and the committee of creditors approved liquidation unanimously, liquidation followed as the only available course under the Insolvency and Bankruptcy Code. Since the resolution professional declined to act as liquidator, the tribunal could appoint another eligible insolvency professional under the liquidation framework, subject to a valid authorisation for assignment. The accompanying directions on handover of records, cessation of the board's powers, public notice, conduct of liquidation, and restriction on proceedings were issued in terms of the Code and liquidation regulations. Case-Laws Insolvency and Bankruptcy Tue, 13 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407225