https://www.taxtmi.com/caselaws?id=421335 Liquidation under section 33(2) of the Insolvency and Bankruptcy Code may follow where the Committee of Creditors resolves, with the required voting share and before approval of a resolution plan, to liquidate a corporate debtor. Relevant circumstances include absence of ongoing business, available books or financial records, and realisable assets, resulting in nil liquidation value. The resolution professional may be appointed liquidator if eligible and holding the required authorisation for assignment. Consequential measures include public notice, suspension of board powers, cooperation by personnel, proceedings by the liquidator, and requisite filings with the Registrar of Companies. en-us Fri, 08 Apr 2022 00:00:00 +0530 Fri, 22 Apr 2022 08:25:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421335 Liquidation under section 33(2) of the Insolvency and Bankruptcy Code may follow where the Committee of Creditors resolves, with the required voting share and before approval of a resolution plan, to liquidate a corporate debtor. Relevant circumstances include absence of ongoing business, available books or financial records, and realisable assets, resulting in nil liquidation value. The resolution professional may be appointed liquidator if eligible and holding the required authorisation for assignment. Consequential measures include public notice, suspension of board powers, cooperation by personnel, proceedings by the liquidator, and requisite filings with the Registrar of Companies. Case-Laws Insolvency and Bankruptcy Fri, 08 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421335