https://www.taxtmi.com/caselaws?id=298043 The Tribunal directed the Committee of Creditors (CoCs) to establish a standardized procedure for evaluating Resolution Plans and ordered the liquidation of the Corporate Debtor due to the rejection of the Plan without proper assessment. The judgment stressed the significance of legal compliance, merit-based decision-making, and adherence to Court orders in insolvency proceedings, criticizing the CoCs for mechanical rejections and emphasizing the need for a structured approach in assessing Resolution Plans to align with the Insolvency and Bankruptcy Code regime. en-us Sat, 09 Nov 2019 00:00:00 +0530 Wed, 06 Oct 2021 20:33:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298043 The Tribunal directed the Committee of Creditors (CoCs) to establish a standardized procedure for evaluating Resolution Plans and ordered the liquidation of the Corporate Debtor due to the rejection of the Plan without proper assessment. The judgment stressed the significance of legal compliance, merit-based decision-making, and adherence to Court orders in insolvency proceedings, criticizing the CoCs for mechanical rejections and emphasizing the need for a structured approach in assessing Resolution Plans to align with the Insolvency and Bankruptcy Code regime. Case-Laws Insolvency and Bankruptcy Sat, 09 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298043