https://www.taxtmi.com/caselaws?id=298344 The appeal against the rejection of the application to remove the Resolution Professional and the subsequent order of liquidation under the Insolvency and Bankruptcy Code, 2016 was dismissed by the Appellate Tribunal. The Tribunal found that as no resolution plan was approved by the committee of creditors within the stipulated 270 days, the Resolution Professional filed a liquidation application, which was granted. Even if the order to remove the Resolution Professional was set aside, the liquidation order could not be declared illegal due to the expiry of the 270-day period. The Tribunal clarified that its decision did not imply any findings on the conduct of the Resolution Professional, leaving any complaints to be addressed by the Insolvency and Bankruptcy Board of India independently. en-us Thu, 13 Dec 2018 00:00:00 +0530 Thu, 28 Oct 2021 08:38:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298344 The appeal against the rejection of the application to remove the Resolution Professional and the subsequent order of liquidation under the Insolvency and Bankruptcy Code, 2016 was dismissed by the Appellate Tribunal. The Tribunal found that as no resolution plan was approved by the committee of creditors within the stipulated 270 days, the Resolution Professional filed a liquidation application, which was granted. Even if the order to remove the Resolution Professional was set aside, the liquidation order could not be declared illegal due to the expiry of the 270-day period. The Tribunal clarified that its decision did not imply any findings on the conduct of the Resolution Professional, leaving any complaints to be addressed by the Insolvency and Bankruptcy Board of India independently. Case-Laws Insolvency and Bankruptcy Thu, 13 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298344