https://www.taxtmi.com/caselaws?id=305212 When the Corporate Insolvency Resolution Process ends without any approved resolution plan and the Committee of Creditors does not extend the process, liquidation becomes the statutory consequence under the Insolvency and Bankruptcy Code. The liquidation order is accompanied by consequential directions for appointment of a liquidator, publication of liquidation, cessation of the existing moratorium, commencement of the liquidation moratorium, discharge of employees and workmen, and continuation of the process under the Liquidation Process Regulations. The outgoing resolution professional's dues and costs are to be paid by the financial creditors or Committee of Creditors. en-us Fri, 16 Nov 2018 00:00:00 +0530 Tue, 22 Nov 2022 22:48:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305212 When the Corporate Insolvency Resolution Process ends without any approved resolution plan and the Committee of Creditors does not extend the process, liquidation becomes the statutory consequence under the Insolvency and Bankruptcy Code. The liquidation order is accompanied by consequential directions for appointment of a liquidator, publication of liquidation, cessation of the existing moratorium, commencement of the liquidation moratorium, discharge of employees and workmen, and continuation of the process under the Liquidation Process Regulations. The outgoing resolution professional's dues and costs are to be paid by the financial creditors or Committee of Creditors. Case-Laws Insolvency and Bankruptcy Fri, 16 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305212