https://www.taxtmi.com/caselaws?id=299091 The Tribunal denied the extension of the Corporate Insolvency Resolution Process (CIRP) period, as alternative plans had been rejected by the Committee of Creditors (CoC). Applications regarding the auction and sale of ceased goods during CIRP were deemed not maintainable due to the moratorium in effect upon admission of the Corporate Debtor. The Tribunal emphasized that approval of a resolution plan rests with the CoC, not the Tribunal. An application under various sections of the Insolvency and Bankruptcy Code, 2016 was directed to serve notice to Respondents. A withdrawal application under Section 30(5) of the IBC, 2016 was granted with CoC's approval. Further proceedings were scheduled for April 7, 2021. en-us Mon, 08 Mar 2021 00:00:00 +0530 Fri, 03 Dec 2021 08:59:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=299091 The Tribunal denied the extension of the Corporate Insolvency Resolution Process (CIRP) period, as alternative plans had been rejected by the Committee of Creditors (CoC). Applications regarding the auction and sale of ceased goods during CIRP were deemed not maintainable due to the moratorium in effect upon admission of the Corporate Debtor. The Tribunal emphasized that approval of a resolution plan rests with the CoC, not the Tribunal. An application under various sections of the Insolvency and Bankruptcy Code, 2016 was directed to serve notice to Respondents. A withdrawal application under Section 30(5) of the IBC, 2016 was granted with CoC's approval. Further proceedings were scheduled for April 7, 2021. Case-Laws Insolvency and Bankruptcy Mon, 08 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=299091