https://www.taxtmi.com/caselaws?id=415009 The National Company Law Tribunal, Kochi Bench allowed the initiation of the liquidation process against the Corporate Debtor under Section 33(2) of the Insolvency and Bankruptcy Code. Despite multiple extensions, no Resolution Plans were submitted by Prospective Resolution Applicants, leading to the decision by the Committee of Creditors to opt for liquidation. The Tribunal appointed the Resolution Professional as the Liquidator, outlined liquidation procedures, restricted legal proceedings against the Corporate Debtor, and granted necessary powers to manage the process effectively. The liquidation order served as a discharge notice for officers, employees, and workmen, except for those involved in continued business operations during liquidation. en-us Thu, 18 Nov 2021 00:00:00 +0530 Wed, 24 Nov 2021 06:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415009 The National Company Law Tribunal, Kochi Bench allowed the initiation of the liquidation process against the Corporate Debtor under Section 33(2) of the Insolvency and Bankruptcy Code. Despite multiple extensions, no Resolution Plans were submitted by Prospective Resolution Applicants, leading to the decision by the Committee of Creditors to opt for liquidation. The Tribunal appointed the Resolution Professional as the Liquidator, outlined liquidation procedures, restricted legal proceedings against the Corporate Debtor, and granted necessary powers to manage the process effectively. The liquidation order served as a discharge notice for officers, employees, and workmen, except for those involved in continued business operations during liquidation. Case-Laws Insolvency and Bankruptcy Thu, 18 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415009