https://www.taxtmi.com/caselaws?id=298758 Liquidation was directed after the committee of creditors overwhelmingly resolved to proceed with it and no viable resolution plan remained. The resolution process had already been extended, the approved plan was later sought to be withdrawn by the resolution applicant, and no counter to liquidation was placed before the adjudicating authority. Applying the settled principle that it cannot replace the commercial wisdom of the committee of creditors, the tribunal found the statutory conditions for liquidation satisfied and appointed the resolution professional as liquidator. en-us Wed, 07 Oct 2020 00:00:00 +0530 Fri, 19 Nov 2021 09:17:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298758 Liquidation was directed after the committee of creditors overwhelmingly resolved to proceed with it and no viable resolution plan remained. The resolution process had already been extended, the approved plan was later sought to be withdrawn by the resolution applicant, and no counter to liquidation was placed before the adjudicating authority. Applying the settled principle that it cannot replace the commercial wisdom of the committee of creditors, the tribunal found the statutory conditions for liquidation satisfied and appointed the resolution professional as liquidator. Case-Laws Insolvency and Bankruptcy Wed, 07 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298758