https://www.taxtmi.com/caselaws?id=298040 The Adjudicating Authority granted a liquidation order for Corporate Debtor, M/s. Ashok Magnetics Limited, as no approved Resolution Plan was in place within the specified timeline. The Authority also extended the Corporate Insolvency Resolution Process (CIRP) period by 90 days, which expired, leading to the initiation of liquidation proceedings. Despite two qualified Resolution Applicants submitting plans, the Committee of Creditors rejected them, citing low offers and undervaluation of assets. The Authority appointed the Resolution Professional as the Company Liquidator, authorizing them to manage the liquidation process and dispose of assets in compliance with the Insolvency and Bankruptcy Code. en-us Fri, 09 Nov 2018 00:00:00 +0530 Wed, 06 Oct 2021 20:33:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298040 The Adjudicating Authority granted a liquidation order for Corporate Debtor, M/s. Ashok Magnetics Limited, as no approved Resolution Plan was in place within the specified timeline. The Authority also extended the Corporate Insolvency Resolution Process (CIRP) period by 90 days, which expired, leading to the initiation of liquidation proceedings. Despite two qualified Resolution Applicants submitting plans, the Committee of Creditors rejected them, citing low offers and undervaluation of assets. The Authority appointed the Resolution Professional as the Company Liquidator, authorizing them to manage the liquidation process and dispose of assets in compliance with the Insolvency and Bankruptcy Code. Case-Laws Insolvency and Bankruptcy Fri, 09 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298040