https://www.taxtmi.com/caselaws?id=428346 The Corporate Debtor was dissolved under Section 54(1) of the Insolvency and Bankruptcy Code, 2016, as the CoC unanimously decided that continuing the resolution process or liquidation would not be beneficial due to lack of assets and compliance issues. The Adjudicating Authority allowed the dissolution application, emphasizing the Code's objective of prompt resolution or liquidation. The order directed immediate dissolution, with no absolution of personal liability for Directors/Promoters, and discharged the Resolution Professional from duties. en-us Tue, 27 Sep 2022 00:00:00 +0530 Thu, 29 Sep 2022 09:40:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428346 The Corporate Debtor was dissolved under Section 54(1) of the Insolvency and Bankruptcy Code, 2016, as the CoC unanimously decided that continuing the resolution process or liquidation would not be beneficial due to lack of assets and compliance issues. The Adjudicating Authority allowed the dissolution application, emphasizing the Code's objective of prompt resolution or liquidation. The order directed immediate dissolution, with no absolution of personal liability for Directors/Promoters, and discharged the Resolution Professional from duties. Case-Laws Insolvency and Bankruptcy Tue, 27 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428346