https://www.taxtmi.com/caselaws?id=415123 The Tribunal declined the application for dissolution of the Corporate Debtor under Section 60(5) of IBC, 2016 due to the absence of a prior liquidation order caused by the non-functioning of the CoC. Issues arose from the lack of cooperation from key CoC members, including the withdrawal of a claim by ETO Bahadurgarh and malicious intent shown by the Operational Creditor. Consequently, the Tribunal terminated the CIR process under Section 60(5) of IBC 2016 and Rule 11 of NCLT Rules, 2016, allowing the Corporate Debtor to resume operations independently, marking the conclusion of the insolvency resolution proceedings. en-us Thu, 29 Jul 2021 00:00:00 +0530 Sat, 27 Nov 2021 08:46:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415123 The Tribunal declined the application for dissolution of the Corporate Debtor under Section 60(5) of IBC, 2016 due to the absence of a prior liquidation order caused by the non-functioning of the CoC. Issues arose from the lack of cooperation from key CoC members, including the withdrawal of a claim by ETO Bahadurgarh and malicious intent shown by the Operational Creditor. Consequently, the Tribunal terminated the CIR process under Section 60(5) of IBC 2016 and Rule 11 of NCLT Rules, 2016, allowing the Corporate Debtor to resume operations independently, marking the conclusion of the insolvency resolution proceedings. Case-Laws Insolvency and Bankruptcy Thu, 29 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415123