https://www.taxtmi.com/caselaws?id=408702 Liquidation may be ordered when the committee of creditors, acting within the insolvency framework, rejects a resolution plan and opts for liquidation. The tribunal will not substitute its view for the committee's commercial wisdom merely because a promoter-director offers a higher value or relies on a pending arbitration claim. In the absence of any pleaded procedural illegality or infirmity in the decision-making process, there is no basis to interfere with the committee's choice to proceed with liquidation, and the liquidation process must continue under the applicable insolvency and liquidation regulations. en-us Thu, 13 May 2021 00:00:00 +0530 Sat, 19 Jun 2021 10:18:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408702 Liquidation may be ordered when the committee of creditors, acting within the insolvency framework, rejects a resolution plan and opts for liquidation. The tribunal will not substitute its view for the committee's commercial wisdom merely because a promoter-director offers a higher value or relies on a pending arbitration claim. In the absence of any pleaded procedural illegality or infirmity in the decision-making process, there is no basis to interfere with the committee's choice to proceed with liquidation, and the liquidation process must continue under the applicable insolvency and liquidation regulations. Case-Laws Insolvency and Bankruptcy Thu, 13 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408702