https://www.taxtmi.com/caselaws?id=306111 The Tribunal upheld the Committee of Creditors' decision for liquidation of the Corporate Debtor, emphasizing the CoC's wide powers under the Insolvency and Bankruptcy Code. The decision was based on the Corporate Debtor's non-functionality for 19 years, dilapidated assets, and lack of future viability. The Tribunal dismissed the appeal, stating that the CoC's unanimous decision for liquidation, approved by the Adjudicating Authority, was within the legislative scheme's framework. Additionally, the Tribunal clarified that the CoC's decision for liquidation, made before plan confirmation, was in line with Section 33(2) of the I&B Code and subject to judicial review based on individual case facts and code compliance. en-us Wed, 12 Oct 2022 00:00:00 +0530 Tue, 10 Jan 2023 21:17:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306111 The Tribunal upheld the Committee of Creditors' decision for liquidation of the Corporate Debtor, emphasizing the CoC's wide powers under the Insolvency and Bankruptcy Code. The decision was based on the Corporate Debtor's non-functionality for 19 years, dilapidated assets, and lack of future viability. The Tribunal dismissed the appeal, stating that the CoC's unanimous decision for liquidation, approved by the Adjudicating Authority, was within the legislative scheme's framework. Additionally, the Tribunal clarified that the CoC's decision for liquidation, made before plan confirmation, was in line with Section 33(2) of the I&B Code and subject to judicial review based on individual case facts and code compliance. Case-Laws Insolvency and Bankruptcy Wed, 12 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306111