https://www.taxtmi.com/caselaws?id=411575 Where no viable resolution plan emerges during the CIRP and the Committee of Creditors, by the requisite majority, declines extension, liquidation under the Insolvency and Bankruptcy Code becomes appropriate. The Resolution Professional and CoC had repeatedly attempted revival through expressions of interest and investor participation, but no workable plan was received. On that basis, the application for liquidation was found to comply with the Code, and the proposed Liquidator had given consent and was treated as provisionally eligible for appointment. The Corporate Debtor was accordingly directed to be liquidated and the Resolution Professional appointed as Liquidator. en-us Fri, 13 Aug 2021 00:00:00 +0530 Sat, 28 Aug 2021 09:21:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411575 Where no viable resolution plan emerges during the CIRP and the Committee of Creditors, by the requisite majority, declines extension, liquidation under the Insolvency and Bankruptcy Code becomes appropriate. The Resolution Professional and CoC had repeatedly attempted revival through expressions of interest and investor participation, but no workable plan was received. On that basis, the application for liquidation was found to comply with the Code, and the proposed Liquidator had given consent and was treated as provisionally eligible for appointment. The Corporate Debtor was accordingly directed to be liquidated and the Resolution Professional appointed as Liquidator. Case-Laws Companies Law Fri, 13 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411575