https://www.taxtmi.com/caselaws?id=418299 Where the Committee of Creditors validly resolves to liquidate after the resolution process fails and no resolution plan remains capable of approval, the adjudicating authority may order liquidation under section 33 of the Insolvency and Bankruptcy Code. The Tribunal also held that a request to stay liquidation is not maintainable in the absence of any surviving plan or demonstrable legal infirmity in the liquidation decision, particularly where the insolvency process has already remained pending for a prolonged period. The decision confirms that liquidation may proceed once the creditor body's resolution is duly communicated and no viable basis exists to interfere. en-us Mon, 31 Jan 2022 00:00:00 +0530 Sat, 12 Feb 2022 20:44:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418299 Where the Committee of Creditors validly resolves to liquidate after the resolution process fails and no resolution plan remains capable of approval, the adjudicating authority may order liquidation under section 33 of the Insolvency and Bankruptcy Code. The Tribunal also held that a request to stay liquidation is not maintainable in the absence of any surviving plan or demonstrable legal infirmity in the liquidation decision, particularly where the insolvency process has already remained pending for a prolonged period. The decision confirms that liquidation may proceed once the creditor body's resolution is duly communicated and no viable basis exists to interfere. Case-Laws Insolvency and Bankruptcy Mon, 31 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418299