https://www.taxtmi.com/caselaws?id=300795 The court upheld the Committee of Creditors' decision for liquidation of the Corporate Debtor under the Insolvency and Bankruptcy Code, 2016. Despite efforts to avoid liquidation, including extensions of the Corporate Insolvency Resolution Process period and assurances of fund inflow, no payments materialized. The court directed the Suspended-Directors to provide necessary information promptly, leading to the issuance of a liquidation order appointing the Resolution Professional as the Liquidator. Legal proceedings were restricted without approval, and the Liquidator was tasked with managing affairs and charging fees as per regulations, ensuring compliance with the IBC provisions. en-us Tue, 17 Dec 2019 00:00:00 +0530 Tue, 18 Apr 2023 12:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300795 The court upheld the Committee of Creditors' decision for liquidation of the Corporate Debtor under the Insolvency and Bankruptcy Code, 2016. Despite efforts to avoid liquidation, including extensions of the Corporate Insolvency Resolution Process period and assurances of fund inflow, no payments materialized. The court directed the Suspended-Directors to provide necessary information promptly, leading to the issuance of a liquidation order appointing the Resolution Professional as the Liquidator. Legal proceedings were restricted without approval, and the Liquidator was tasked with managing affairs and charging fees as per regulations, ensuring compliance with the IBC provisions. Case-Laws Insolvency and Bankruptcy Tue, 17 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300795