https://www.taxtmi.com/caselaws?id=419558 The Tribunal admitted the petition for Corporate Insolvency Resolution Process (CIRP) of M/s. MBS Impex Private Limited and appointed an Interim Resolution Professional. Due to lack of cooperation from the Directors and delays caused by COVID-19, the Committee of Creditors (CoC) voted for liquidation by 100%. Despite settlement attempts, no progress was made within the timeline. Emphasizing resolution as the primary goal, the Tribunal ordered liquidation, directing the Liquidator to sell the company promptly to maximize asset value. The Liquidator, the Resolution Professional, was given specific instructions for the process, including ceasing moratorium, legal proceedings, and fee entitlement, while discharging officers and employees, except for business continuity cases. en-us Tue, 01 Mar 2022 00:00:00 +0530 Tue, 15 Mar 2022 08:26:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419558 The Tribunal admitted the petition for Corporate Insolvency Resolution Process (CIRP) of M/s. MBS Impex Private Limited and appointed an Interim Resolution Professional. Due to lack of cooperation from the Directors and delays caused by COVID-19, the Committee of Creditors (CoC) voted for liquidation by 100%. Despite settlement attempts, no progress was made within the timeline. Emphasizing resolution as the primary goal, the Tribunal ordered liquidation, directing the Liquidator to sell the company promptly to maximize asset value. The Liquidator, the Resolution Professional, was given specific instructions for the process, including ceasing moratorium, legal proceedings, and fee entitlement, while discharging officers and employees, except for business continuity cases. Case-Laws Insolvency and Bankruptcy Tue, 01 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419558