https://www.taxtmi.com/caselaws?id=412959 Liquidation may be ordered under Section 33(2) of the Insolvency and Bankruptcy Code where the committee of creditors approves liquidation with the requisite voting share and the resolution professional moves the application. Here, the committee approved liquidation above the statutory threshold, and the record showed that the corporate debtor had no available assets or plant and machinery and that its business had been closed for a substantial period, making continuation of the resolution process unfeasible. The liquidation conditions were treated as satisfied, and consequential directions followed for appointment of the proposed liquidator, publication of the liquidation announcement, intimation to regulatory authorities, cessation of the earlier moratorium, commencement of liquidation moratorium, and filing of the preliminary report. en-us Mon, 20 Sep 2021 00:00:00 +0530 Fri, 01 Oct 2021 08:34:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412959 Liquidation may be ordered under Section 33(2) of the Insolvency and Bankruptcy Code where the committee of creditors approves liquidation with the requisite voting share and the resolution professional moves the application. Here, the committee approved liquidation above the statutory threshold, and the record showed that the corporate debtor had no available assets or plant and machinery and that its business had been closed for a substantial period, making continuation of the resolution process unfeasible. The liquidation conditions were treated as satisfied, and consequential directions followed for appointment of the proposed liquidator, publication of the liquidation announcement, intimation to regulatory authorities, cessation of the earlier moratorium, commencement of liquidation moratorium, and filing of the preliminary report. Case-Laws Insolvency and Bankruptcy Mon, 20 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412959