https://www.taxtmi.com/caselaws?id=305966 The Adjudicating Authority could not override the Committee of Creditors' unanimous decision to liquidate the corporate debtor, because the CoC's commercial wisdom is not subject to interference when exercised in conformity with the Code and Regulations. Late requests by prospective resolution applicants to file or pursue a resolution plan were therefore rejected. Once the liquidation resolution stood confirmed and no valid basis remained to defer the process, the corporate debtor was ordered into liquidation and the resolution professional was appointed as liquidator, with the usual liquidation consequences following under the insolvency framework. en-us Wed, 06 Apr 2022 00:00:00 +0530 Mon, 02 Jan 2023 21:14:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305966 The Adjudicating Authority could not override the Committee of Creditors' unanimous decision to liquidate the corporate debtor, because the CoC's commercial wisdom is not subject to interference when exercised in conformity with the Code and Regulations. Late requests by prospective resolution applicants to file or pursue a resolution plan were therefore rejected. Once the liquidation resolution stood confirmed and no valid basis remained to defer the process, the corporate debtor was ordered into liquidation and the resolution professional was appointed as liquidator, with the usual liquidation consequences following under the insolvency framework. Case-Laws Insolvency and Bankruptcy Wed, 06 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305966