https://www.taxtmi.com/caselaws?id=415061 The Adjudicating Authority applied Section 33 of the Insolvency and Bankruptcy Code, 2016 to direct liquidation where the committee of creditors unanimously resolved to liquidate the corporate debtor and no resolution plan was forthcoming. It treated the committee's decision as an exercise of commercial wisdom not open to judicial review absent illegality or procedural infirmity. The record also supported appointment of the resolution professional as liquidator, subject to filing written consent in the prescribed form. Accordingly, liquidation was ordered and the resolution professional was appointed as liquidator, subject to compliance with that formality. en-us Thu, 18 Nov 2021 00:00:00 +0530 Thu, 25 Nov 2021 07:57:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415061 The Adjudicating Authority applied Section 33 of the Insolvency and Bankruptcy Code, 2016 to direct liquidation where the committee of creditors unanimously resolved to liquidate the corporate debtor and no resolution plan was forthcoming. It treated the committee's decision as an exercise of commercial wisdom not open to judicial review absent illegality or procedural infirmity. The record also supported appointment of the resolution professional as liquidator, subject to filing written consent in the prescribed form. Accordingly, liquidation was ordered and the resolution professional was appointed as liquidator, subject to compliance with that formality. Case-Laws Insolvency and Bankruptcy Thu, 18 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415061