https://www.taxtmi.com/caselaws?id=425061 The Tribunal upheld the Adjudicating Authority's order for the liquidation of the Corporate Debtor, as the decision by the Committee of Creditors (CoC) to liquidate was deemed justified due to the lack of viable resolution plans and the impending expiration of the Corporate Insolvency Resolution Process (CIRP) period. The Appellant's proposal for withdrawal of CIRP under Section 12A was rejected by the CoC for non-compliance with regulations and lack of commercial viability. Consequently, the appeal was dismissed, affirming the decision to liquidate the Corporate Debtor. en-us Wed, 13 Jul 2022 00:00:00 +0530 Thu, 14 Jul 2022 10:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425061 The Tribunal upheld the Adjudicating Authority's order for the liquidation of the Corporate Debtor, as the decision by the Committee of Creditors (CoC) to liquidate was deemed justified due to the lack of viable resolution plans and the impending expiration of the Corporate Insolvency Resolution Process (CIRP) period. The Appellant's proposal for withdrawal of CIRP under Section 12A was rejected by the CoC for non-compliance with regulations and lack of commercial viability. Consequently, the appeal was dismissed, affirming the decision to liquidate the Corporate Debtor. Case-Laws Insolvency and Bankruptcy Wed, 13 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425061