https://www.taxtmi.com/caselaws?id=417813 The Tribunal dismissed the appeals, upholding the Adjudicating Authority's decision to order the liquidation of the Corporate Debtor. It concluded that the Settlement Proposal did not align with the provisions of the Insolvency and Bankruptcy Code, 2016, emphasizing the need for adherence to the statutory framework and concrete financial transactions for CoC approval. The Tribunal highlighted that the Settlement Plan resembled a Resolution Plan rather than a simple settlement under Section 12A of the IBC, 2016, and stressed the importance of timely liquidation over prolonged resolution processes. en-us Fri, 28 Jan 2022 00:00:00 +0530 Mon, 07 Mar 2022 11:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417813 The Tribunal dismissed the appeals, upholding the Adjudicating Authority's decision to order the liquidation of the Corporate Debtor. It concluded that the Settlement Proposal did not align with the provisions of the Insolvency and Bankruptcy Code, 2016, emphasizing the need for adherence to the statutory framework and concrete financial transactions for CoC approval. The Tribunal highlighted that the Settlement Plan resembled a Resolution Plan rather than a simple settlement under Section 12A of the IBC, 2016, and stressed the importance of timely liquidation over prolonged resolution processes. Case-Laws Insolvency and Bankruptcy Fri, 28 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417813