https://www.taxtmi.com/caselaws?id=306635 The application for liquidation of a corporate debtor was granted based on a resolution passed by the Committee of Creditors (CoC) with 84.22% voting share. Despite efforts to solicit resolution plans, only one prospective applicant failed to comply with necessary requirements, leading to the decision for liquidation. The appointed Liquidator assumed control, with all powers of the board of directors and key personnel ceasing. Legal proceedings against the debtor were prohibited without approval, and the liquidator was tasked with conducting proceedings in accordance with the Insolvency and Bankruptcy Code and Regulations. en-us Wed, 04 Mar 2020 00:00:00 +0530 Wed, 15 Feb 2023 23:12:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306635 The application for liquidation of a corporate debtor was granted based on a resolution passed by the Committee of Creditors (CoC) with 84.22% voting share. Despite efforts to solicit resolution plans, only one prospective applicant failed to comply with necessary requirements, leading to the decision for liquidation. The appointed Liquidator assumed control, with all powers of the board of directors and key personnel ceasing. Legal proceedings against the debtor were prohibited without approval, and the liquidator was tasked with conducting proceedings in accordance with the Insolvency and Bankruptcy Code and Regulations. Case-Laws Insolvency and Bankruptcy Wed, 04 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306635