https://www.taxtmi.com/caselaws?id=408304 Liquidation under the Insolvency and Bankruptcy Code is triggered where the Committee of Creditors, before approval of any resolution plan, resolves to liquidate the corporate debtor with the prescribed voting threshold. Here, the note states that the CoC approved liquidation with 96.70% voting share after two resolution plans failed and the CIRP period expired. It also explains that section 34 requires the Resolution Professional, subject to written consent, to act as liquidator unless replaced by the Adjudicating Authority, and that the CoC has no role in that appointment decision. On that basis, the corporate debtor was ordered into liquidation and the Resolution Professional was appointed as liquidator. en-us Fri, 28 May 2021 00:00:00 +0530 Mon, 07 Jun 2021 08:36:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408304 Liquidation under the Insolvency and Bankruptcy Code is triggered where the Committee of Creditors, before approval of any resolution plan, resolves to liquidate the corporate debtor with the prescribed voting threshold. Here, the note states that the CoC approved liquidation with 96.70% voting share after two resolution plans failed and the CIRP period expired. It also explains that section 34 requires the Resolution Professional, subject to written consent, to act as liquidator unless replaced by the Adjudicating Authority, and that the CoC has no role in that appointment decision. On that basis, the corporate debtor was ordered into liquidation and the Resolution Professional was appointed as liquidator. Case-Laws Insolvency and Bankruptcy Fri, 28 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408304