https://www.taxtmi.com/caselaws?id=408842 The Tribunal approved the application for liquidation of the corporate debtor, Ajit Automotive Service Private Limited, under Section 33(1) of the Insolvency and Bankruptcy Code, 2016. The Committee of Creditors (CoC) decided to replace the Interim Resolution Professional (IRP) with a Resolution Professional (RP) and initiated the liquidation process due to the lack of resolution plans. Valuation reports confirmed the fair value and liquidation value of assets, leading to the appointment of the RP as the Liquidator. The Tribunal issued directions for the liquidation process, including the cessation of the Moratorium under Section 14 of the Code. en-us Tue, 15 Jun 2021 00:00:00 +0530 Wed, 23 Jun 2021 10:10:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408842 The Tribunal approved the application for liquidation of the corporate debtor, Ajit Automotive Service Private Limited, under Section 33(1) of the Insolvency and Bankruptcy Code, 2016. The Committee of Creditors (CoC) decided to replace the Interim Resolution Professional (IRP) with a Resolution Professional (RP) and initiated the liquidation process due to the lack of resolution plans. Valuation reports confirmed the fair value and liquidation value of assets, leading to the appointment of the RP as the Liquidator. The Tribunal issued directions for the liquidation process, including the cessation of the Moratorium under Section 14 of the Code. Case-Laws Insolvency and Bankruptcy Tue, 15 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408842