https://www.taxtmi.com/caselaws?id=425515 The Appellant's appeal was dismissed as the CoC rejected the resolution plan based on financial inadequacy and non-compliance with IBC regulations, not solely on Section 29A eligibility. Ambiguity surrounding the CD's MSME status and the Appellant's withdrawal led to liquidation proceedings initiation due to prolonged CIRP duration and asset devaluation. The judgment upheld the CoC's decision, emphasizing the need for liquidation given the circumstances. en-us Mon, 25 Jul 2022 00:00:00 +0530 Tue, 26 Jul 2022 09:18:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425515 The Appellant's appeal was dismissed as the CoC rejected the resolution plan based on financial inadequacy and non-compliance with IBC regulations, not solely on Section 29A eligibility. Ambiguity surrounding the CD's MSME status and the Appellant's withdrawal led to liquidation proceedings initiation due to prolonged CIRP duration and asset devaluation. The judgment upheld the CoC's decision, emphasizing the need for liquidation given the circumstances. Case-Laws Insolvency and Bankruptcy Mon, 25 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425515