https://www.taxtmi.com/caselaws?id=428402 The Adjudicating Authority upheld the decision to liquidate the Corporate Debtor due to the Committee of Creditors' rejection of the Resolution Plan. The rejection was based on the Resolution Applicant's failure to address concerns regarding funding sources and performance guarantees. The Court emphasized the CoC's commercial judgment, which cannot be judicially reviewed. The Liquidator followed regulations in the liquidation process, with a bid of Rs. 41.05 Crores for the Debtor's assets. The Court dismissed appeals and discharged the interim order, affirming the liquidation direction. en-us Wed, 28 Sep 2022 00:00:00 +0530 Fri, 30 Sep 2022 09:36:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428402 The Adjudicating Authority upheld the decision to liquidate the Corporate Debtor due to the Committee of Creditors' rejection of the Resolution Plan. The rejection was based on the Resolution Applicant's failure to address concerns regarding funding sources and performance guarantees. The Court emphasized the CoC's commercial judgment, which cannot be judicially reviewed. The Liquidator followed regulations in the liquidation process, with a bid of Rs. 41.05 Crores for the Debtor's assets. The Court dismissed appeals and discharged the interim order, affirming the liquidation direction. Case-Laws Insolvency and Bankruptcy Wed, 28 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428402