https://www.taxtmi.com/caselaws?id=412927 Where the CIRP expired without any resolution plan being duly approved by the committee of creditors, a later email from one financial creditor could not amount to valid CoC approval because the modified plan was not resubmitted, examined, certified, or put to a lawful vote under the Code and regulations. Once the CIRP period had lapsed, the CoC became functus officio, and the withdrawal of interest by the sole resolution applicant left no basis for further extension of time. In that situation, the adjudicating authority was entitled to proceed under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016 and direct liquidation. en-us Wed, 29 Sep 2021 00:00:00 +0530 Thu, 30 Sep 2021 09:21:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412927 Where the CIRP expired without any resolution plan being duly approved by the committee of creditors, a later email from one financial creditor could not amount to valid CoC approval because the modified plan was not resubmitted, examined, certified, or put to a lawful vote under the Code and regulations. Once the CIRP period had lapsed, the CoC became functus officio, and the withdrawal of interest by the sole resolution applicant left no basis for further extension of time. In that situation, the adjudicating authority was entitled to proceed under Section 33(1)(a) of the Insolvency and Bankruptcy Code, 2016 and direct liquidation. Case-Laws Insolvency and Bankruptcy Wed, 29 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412927