https://www.taxtmi.com/caselaws?id=410030 The National Company Law Tribunal (NCLT), Hyderabad, ordered the liquidation of a Corporate Debtor Company due to the failure to receive a viable resolution plan within the stipulated timeline. Despite offering a One Time Settlement (OTS) that was not fulfilled, the Committee of Creditors (CoC) unanimously voted for liquidation under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016. The Tribunal emphasized the binding nature of the CoC's decision and appointed the present Resolution Professional (RP) as the Liquidator, outlining the necessary steps for the liquidation process in accordance with the Code. en-us Mon, 10 May 2021 00:00:00 +0530 Fri, 23 Jul 2021 08:57:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410030 The National Company Law Tribunal (NCLT), Hyderabad, ordered the liquidation of a Corporate Debtor Company due to the failure to receive a viable resolution plan within the stipulated timeline. Despite offering a One Time Settlement (OTS) that was not fulfilled, the Committee of Creditors (CoC) unanimously voted for liquidation under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016. The Tribunal emphasized the binding nature of the CoC's decision and appointed the present Resolution Professional (RP) as the Liquidator, outlining the necessary steps for the liquidation process in accordance with the Code. Case-Laws Companies Law Mon, 10 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410030