https://www.taxtmi.com/caselaws?id=408891 The Resolution Professional (RP) filed for liquidation of the Corporate Debtor due to the failure to gather the required voting percentage for CIRP extension. The RP was appointed as the Liquidator, emphasizing compliance with the Insolvency and Bankruptcy Code. Unpaid CIRP costs totaling Rs. 60 lakh were detailed, leading to the decision for liquidation. Despite efforts, no formal resolution plan materialized, prompting the initiation of liquidation proceedings. The Liquidator was tasked with advertising the liquidation, complying with fee regulations, and seeking directions as necessary during the process. The judgment highlights the stringent legal process and regulatory compliance in corporate debtor liquidation under the I&B Code. en-us Thu, 03 Jun 2021 00:00:00 +0530 Thu, 25 Nov 2021 17:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408891 The Resolution Professional (RP) filed for liquidation of the Corporate Debtor due to the failure to gather the required voting percentage for CIRP extension. The RP was appointed as the Liquidator, emphasizing compliance with the Insolvency and Bankruptcy Code. Unpaid CIRP costs totaling Rs. 60 lakh were detailed, leading to the decision for liquidation. Despite efforts, no formal resolution plan materialized, prompting the initiation of liquidation proceedings. The Liquidator was tasked with advertising the liquidation, complying with fee regulations, and seeking directions as necessary during the process. The judgment highlights the stringent legal process and regulatory compliance in corporate debtor liquidation under the I&B Code. Case-Laws Insolvency and Bankruptcy Thu, 03 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408891