https://www.taxtmi.com/caselaws?id=297286 The Tribunal admitted the petition under the Insolvency and Bankruptcy Code, appointing an Interim Resolution Professional. The Committee of Creditors rejected a resolution plan, leading to liquidation due to non-compliance. An extension request for plan submission was denied, resulting in liquidation of the Corporate Debtor. The Resolution Professional was appointed as Liquidator with responsibilities for the liquidation process. The Tribunal emphasized timely fee payment and enforcement of personal guarantees by financial creditors. Payment priority for IRP and liquidation costs was highlighted, ensuring compliance with insolvency laws. en-us Tue, 12 Sep 2017 00:00:00 +0530 Wed, 22 Sep 2021 18:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297286 The Tribunal admitted the petition under the Insolvency and Bankruptcy Code, appointing an Interim Resolution Professional. The Committee of Creditors rejected a resolution plan, leading to liquidation due to non-compliance. An extension request for plan submission was denied, resulting in liquidation of the Corporate Debtor. The Resolution Professional was appointed as Liquidator with responsibilities for the liquidation process. The Tribunal emphasized timely fee payment and enforcement of personal guarantees by financial creditors. Payment priority for IRP and liquidation costs was highlighted, ensuring compliance with insolvency laws. Case-Laws Insolvency and Bankruptcy Tue, 12 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297286