https://www.taxtmi.com/caselaws?id=427197 An acknowledged Entrepreneurs' Memorandum filed under the MSME procedure was treated as sufficient to establish MSME status, as the later notification did not by itself cancel that registration and no cancellation proceedings were shown. That MSME status brought the corporate debtor within the special treatment under Section 240A of the IBC, making it eligible to submit a resolution plan for revival. Where the committee of creditors had earlier permitted submission of a plan, it could not later refuse consideration on the ground that no plan had been invited. A premature liquidation decision, taken without adequately exploring resolution or undertaking valuation, was therefore unsustainable, and the insolvency process was directed to continue for consideration of resolution options. en-us Thu, 01 Sep 2022 00:00:00 +0530 Sat, 03 Sep 2022 07:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427197 An acknowledged Entrepreneurs' Memorandum filed under the MSME procedure was treated as sufficient to establish MSME status, as the later notification did not by itself cancel that registration and no cancellation proceedings were shown. That MSME status brought the corporate debtor within the special treatment under Section 240A of the IBC, making it eligible to submit a resolution plan for revival. Where the committee of creditors had earlier permitted submission of a plan, it could not later refuse consideration on the ground that no plan had been invited. A premature liquidation decision, taken without adequately exploring resolution or undertaking valuation, was therefore unsustainable, and the insolvency process was directed to continue for consideration of resolution options. Case-Laws Insolvency and Bankruptcy Thu, 01 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427197