https://www.taxtmi.com/caselaws?id=415213 In a corporate insolvency resolution process, the Committee of Creditors must be constituted on a correct and fair determination of claims and voting shares; here, the allocation was found to have been worked out on an inaccurate basis and the constitution of the committee was quashed. Liquidation can follow only after a proper resolution process with complete records, fair consideration of resolution plans, and orderly creditor participation; here, the recommendation for liquidation was held contrary to the statutory scheme because the process was hurried, incomplete, and prejudicial. The matter was remitted for fresh action after correcting the creditor claims and voting shares, and the Resolution Professional was directed to be replaced. en-us Mon, 29 Nov 2021 00:00:00 +0530 Tue, 30 Nov 2021 08:31:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415213 In a corporate insolvency resolution process, the Committee of Creditors must be constituted on a correct and fair determination of claims and voting shares; here, the allocation was found to have been worked out on an inaccurate basis and the constitution of the committee was quashed. Liquidation can follow only after a proper resolution process with complete records, fair consideration of resolution plans, and orderly creditor participation; here, the recommendation for liquidation was held contrary to the statutory scheme because the process was hurried, incomplete, and prejudicial. The matter was remitted for fresh action after correcting the creditor claims and voting shares, and the Resolution Professional was directed to be replaced. Case-Laws Insolvency and Bankruptcy Mon, 29 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415213