https://www.taxtmi.com/caselaws?id=306882 No interference was warranted with the liquidation order on allegations of material irregularity or bias because the resolution plan had already been rejected and the record disclosed no basis to disturb the process. In liquidation, the liquidator was required to explore revival-oriented measures first, including a compromise or arrangement under Section 230 of the Companies Act, 2013, and to endeavour to keep the corporate debtor as a going concern before resorting to piecemeal sale of assets. The challenge to the liquidation order was rejected, but directions were issued to pursue revival steps and preserve the business for as long as lawful and feasible. en-us Tue, 14 May 2019 00:00:00 +0530 Fri, 03 Mar 2023 22:18:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306882 No interference was warranted with the liquidation order on allegations of material irregularity or bias because the resolution plan had already been rejected and the record disclosed no basis to disturb the process. In liquidation, the liquidator was required to explore revival-oriented measures first, including a compromise or arrangement under Section 230 of the Companies Act, 2013, and to endeavour to keep the corporate debtor as a going concern before resorting to piecemeal sale of assets. The challenge to the liquidation order was rejected, but directions were issued to pursue revival steps and preserve the business for as long as lawful and feasible. Case-Laws Insolvency and Bankruptcy Tue, 14 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306882