https://www.taxtmi.com/caselaws?id=301560 The Tribunal dismissed the application for consolidation of proceedings under the Insolvency and Bankruptcy Code, emphasizing the distinct legal status and causes of action of the entities involved. Despite the Liquidator's efforts to consolidate assets and liabilities for efficient resolution, the Tribunal found that substantive consolidation was not warranted due to the absence of provisions supporting such action in the Code. The decision highlighted the importance of individual resolution processes based on unique defaults and creditor claims, ultimately prioritizing resolution over liquidation in line with the objectives of the Code. en-us Fri, 04 Dec 2020 00:00:00 +0530 Fri, 08 Apr 2022 21:01:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301560 The Tribunal dismissed the application for consolidation of proceedings under the Insolvency and Bankruptcy Code, emphasizing the distinct legal status and causes of action of the entities involved. Despite the Liquidator's efforts to consolidate assets and liabilities for efficient resolution, the Tribunal found that substantive consolidation was not warranted due to the absence of provisions supporting such action in the Code. The decision highlighted the importance of individual resolution processes based on unique defaults and creditor claims, ultimately prioritizing resolution over liquidation in line with the objectives of the Code. Case-Laws Insolvency and Bankruptcy Fri, 04 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301560