https://www.taxtmi.com/caselaws?id=417303 Under the Insolvency and Bankruptcy Code and the Liquidation Process Regulations, the Tribunal considered whether a liquidation-stage amendment could permit sale of the corporate debtor as a going concern. It accepted the proposal because the secured financial creditor had given in-principle approval, there were no employee or worker claims, and the sale was aimed at preserving the business and maximising stakeholder value. The amendment application was allowed and permission was granted for a going-concern sale. The Tribunal also found an extension of the liquidation timeline appropriate, since liquidation steps were still pending while the sale proposal was pursued, and extended the liquidation period by six months. en-us Mon, 03 Jan 2022 00:00:00 +0530 Thu, 20 Jan 2022 08:25:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417303 Under the Insolvency and Bankruptcy Code and the Liquidation Process Regulations, the Tribunal considered whether a liquidation-stage amendment could permit sale of the corporate debtor as a going concern. It accepted the proposal because the secured financial creditor had given in-principle approval, there were no employee or worker claims, and the sale was aimed at preserving the business and maximising stakeholder value. The amendment application was allowed and permission was granted for a going-concern sale. The Tribunal also found an extension of the liquidation timeline appropriate, since liquidation steps were still pending while the sale proposal was pursued, and extended the liquidation period by six months. Case-Laws Insolvency and Bankruptcy Mon, 03 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417303