https://www.taxtmi.com/caselaws?id=411531 The National Company Law Tribunal, Hyderabad Bench, ordered the liquidation of M/s. Kanakadhara Ventures Private Limited following the rejection of the Resolution Plan by the Committee of Creditors. Despite attempts to improve the Resolution Plan, issues with high-value transactions and non-compliance with regulations led to the decision for liquidation. The Tribunal emphasized its duty to initiate liquidation under Section 33(1) of the Insolvency and Bankruptcy Code, upholding the CoC's resolution for liquidation due to the absence of a viable resolution plan. Subsequently, a specific individual was appointed as the Liquidator to oversee the liquidation process in accordance with the Code. en-us Fri, 13 Aug 2021 00:00:00 +0530 Fri, 27 Aug 2021 08:30:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411531 The National Company Law Tribunal, Hyderabad Bench, ordered the liquidation of M/s. Kanakadhara Ventures Private Limited following the rejection of the Resolution Plan by the Committee of Creditors. Despite attempts to improve the Resolution Plan, issues with high-value transactions and non-compliance with regulations led to the decision for liquidation. The Tribunal emphasized its duty to initiate liquidation under Section 33(1) of the Insolvency and Bankruptcy Code, upholding the CoC's resolution for liquidation due to the absence of a viable resolution plan. Subsequently, a specific individual was appointed as the Liquidator to oversee the liquidation process in accordance with the Code. Case-Laws Insolvency and Bankruptcy Fri, 13 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411531