https://www.taxtmi.com/caselaws?id=424341 No resolution plan was received within the CIRP timeline, and the Committee of Creditors unanimously resolved to liquidate the corporate debtor and continue the existing resolution professional as liquidator. As the resolution professional consented to act as liquidator and the statutory conditions under the Insolvency and Bankruptcy Code were satisfied, the NCLT allowed the liquidation application. It also directed that the moratorium would cease and that the liquidator would exercise powers for liquidation in accordance with the Code and liquidation regulations. en-us Thu, 09 Jun 2022 00:00:00 +0530 Tue, 28 Jun 2022 07:43:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424341 No resolution plan was received within the CIRP timeline, and the Committee of Creditors unanimously resolved to liquidate the corporate debtor and continue the existing resolution professional as liquidator. As the resolution professional consented to act as liquidator and the statutory conditions under the Insolvency and Bankruptcy Code were satisfied, the NCLT allowed the liquidation application. It also directed that the moratorium would cease and that the liquidator would exercise powers for liquidation in accordance with the Code and liquidation regulations. Case-Laws Insolvency and Bankruptcy Thu, 09 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424341