https://www.taxtmi.com/caselaws?id=418713 The Tribunal approved the liquidation of the Corporate Debtor 'M/s. Paramex Transformers Limited' under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016, as the Committee of Creditors (COC) unanimously voted for liquidation due to the defunct status of the company since 2014. Mr. Sumit Shukla was appointed as the Liquidator, with instructions to proceed with the liquidation process according to the IBC and relevant regulations. The non-cooperation and failure of the suspended directors to submit a viable One Time Settlement (OTS) proposal led to the decision for liquidation despite the expired Corporate Insolvency Resolution Process (CIRP) period. en-us Fri, 11 Feb 2022 00:00:00 +0530 Wed, 23 Feb 2022 08:27:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418713 The Tribunal approved the liquidation of the Corporate Debtor 'M/s. Paramex Transformers Limited' under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016, as the Committee of Creditors (COC) unanimously voted for liquidation due to the defunct status of the company since 2014. Mr. Sumit Shukla was appointed as the Liquidator, with instructions to proceed with the liquidation process according to the IBC and relevant regulations. The non-cooperation and failure of the suspended directors to submit a viable One Time Settlement (OTS) proposal led to the decision for liquidation despite the expired Corporate Insolvency Resolution Process (CIRP) period. Case-Laws Insolvency and Bankruptcy Fri, 11 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418713