https://www.taxtmi.com/caselaws?id=305212 The application for Corporate Insolvency Resolution Process was admitted, and an Interim Resolution Professional was appointed. Despite efforts, no resolution plan was received, leading to rejection of the extension of CIRP period by the Committee of Creditors and subsequent liquidation. A new Liquidator was appointed due to the previous professional's unwillingness to continue. Allegations of preferential transactions were acknowledged, directing proceedings against Directors. The judgment emphasized timely payment of fees to the Resolution Professional and dismissed a related application seeking directions to the suspended Board of Directors due to the liquidation order. 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 The application for Corporate Insolvency Resolution Process was admitted, and an Interim Resolution Professional was appointed. Despite efforts, no resolution plan was received, leading to rejection of the extension of CIRP period by the Committee of Creditors and subsequent liquidation. A new Liquidator was appointed due to the previous professional's unwillingness to continue. Allegations of preferential transactions were acknowledged, directing proceedings against Directors. The judgment emphasized timely payment of fees to the Resolution Professional and dismissed a related application seeking directions to the suspended Board of Directors due to the liquidation order. Case-Laws Insolvency and Bankruptcy Fri, 16 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305212