https://www.taxtmi.com/caselaws?id=415167 Liquidation under the Insolvency and Bankruptcy Code was warranted where the corporate insolvency resolution process had run beyond the prescribed period and was stymied by persistent non-cooperation from the suspended management. The Resolution Professional could not obtain custody of the debtor's assets or records, and the Committee of Creditors found no viable progress in resolution. On that basis, the statutory conditions for liquidation under Section 33(1) were treated as satisfied, the CoC approved liquidation with full voting support, and the Resolution Professional's consent enabled appointment as liquidator. Liquidation of the corporate debtor was ordered. en-us Wed, 17 Nov 2021 00:00:00 +0530 Mon, 29 Nov 2021 08:58:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415167 Liquidation under the Insolvency and Bankruptcy Code was warranted where the corporate insolvency resolution process had run beyond the prescribed period and was stymied by persistent non-cooperation from the suspended management. The Resolution Professional could not obtain custody of the debtor's assets or records, and the Committee of Creditors found no viable progress in resolution. On that basis, the statutory conditions for liquidation under Section 33(1) were treated as satisfied, the CoC approved liquidation with full voting support, and the Resolution Professional's consent enabled appointment as liquidator. Liquidation of the corporate debtor was ordered. Case-Laws Insolvency and Bankruptcy Wed, 17 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415167