https://www.taxtmi.com/caselaws?id=426917 Where the Committee of Creditors, by the requisite voting share, resolves to liquidate a corporate debtor before confirmation of any resolution plan, Section 33(2) of the Insolvency and Bankruptcy Code requires liquidation to follow. The text notes that no viable resolution plan emerged, continuation of CIRP was commercially imprudent, and the corporate debtor had no meaningful assets for realisation, so liquidation was ordered under Chapter III of the Code. On liquidation, the Resolution Professional may ordinarily be appointed as Liquidator if eligible and consenting, and the document records that liquidation directions, including the statutory framework for claims, costs, reports, and vesting of powers, were issued. en-us Thu, 28 Jul 2022 00:00:00 +0530 Mon, 29 Aug 2022 08:30:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426917 Where the Committee of Creditors, by the requisite voting share, resolves to liquidate a corporate debtor before confirmation of any resolution plan, Section 33(2) of the Insolvency and Bankruptcy Code requires liquidation to follow. The text notes that no viable resolution plan emerged, continuation of CIRP was commercially imprudent, and the corporate debtor had no meaningful assets for realisation, so liquidation was ordered under Chapter III of the Code. On liquidation, the Resolution Professional may ordinarily be appointed as Liquidator if eligible and consenting, and the document records that liquidation directions, including the statutory framework for claims, costs, reports, and vesting of powers, were issued. Case-Laws Insolvency and Bankruptcy Thu, 28 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426917