https://www.taxtmi.com/caselaws?id=417103 The Tribunal ordered the liquidation of the Corporate Debtor under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, due to the non-receipt of a resolution plan. The Committee of Creditors decided in favor of liquidation after valuing the financial assets at zero. A Resolution Professional was appointed to oversee the liquidation process, with specific directions given for compliance with regulations and duties. The Tribunal emphasized adherence to the legislative framework and appointed a Liquidator to manage the liquidation proceedings, including the cessation of powers of the Board of Directors. en-us Thu, 30 Dec 2021 00:00:00 +0530 Sat, 15 Jan 2022 08:48:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417103 The Tribunal ordered the liquidation of the Corporate Debtor under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, due to the non-receipt of a resolution plan. The Committee of Creditors decided in favor of liquidation after valuing the financial assets at zero. A Resolution Professional was appointed to oversee the liquidation process, with specific directions given for compliance with regulations and duties. The Tribunal emphasized adherence to the legislative framework and appointed a Liquidator to manage the liquidation proceedings, including the cessation of powers of the Board of Directors. Case-Laws Insolvency and Bankruptcy Thu, 30 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417103