https://www.taxtmi.com/caselaws?id=431492 Liquidation under the Insolvency and Bankruptcy Code is a last-resort measure and cannot be sustained where revival of the corporate debtor as a going concern has not been fairly and meaningfully explored. The record showed that proposals for restart and resolution were not properly considered, and the resolution professional had not acted with the independence and neutrality expected under the CIRP. Procedural concerns, including joint representation with a financial creditor and other irregularities, further undermined the integrity of the process. The liquidation direction was set aside and the matter was remitted for fresh consideration in accordance with law. en-us Fri, 09 Dec 2022 00:00:00 +0530 Thu, 15 Dec 2022 12:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431492 Liquidation under the Insolvency and Bankruptcy Code is a last-resort measure and cannot be sustained where revival of the corporate debtor as a going concern has not been fairly and meaningfully explored. The record showed that proposals for restart and resolution were not properly considered, and the resolution professional had not acted with the independence and neutrality expected under the CIRP. Procedural concerns, including joint representation with a financial creditor and other irregularities, further undermined the integrity of the process. The liquidation direction was set aside and the matter was remitted for fresh consideration in accordance with law. Case-Laws Insolvency and Bankruptcy Fri, 09 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431492