https://www.taxtmi.com/caselaws?id=306883 The Tribunal upheld the legality of the liquidation process and sale of assets of the Corporate Debtor due to its deteriorating financial position. Despite efforts to sell the company as a going concern, no compliant scheme was received. The Liquidator's procedural adherence was found satisfactory, and the Tribunal emphasized maximizing asset value. The appeals were disposed of with directions to extend the sale attempt period by six weeks, contingent upon the deposit of earnest money within two weeks, aiming to achieve beneficial liquidation and preserve the company as a going concern. en-us Wed, 08 Dec 2021 00:00:00 +0530 Fri, 03 Mar 2023 22:18:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306883 The Tribunal upheld the legality of the liquidation process and sale of assets of the Corporate Debtor due to its deteriorating financial position. Despite efforts to sell the company as a going concern, no compliant scheme was received. The Liquidator's procedural adherence was found satisfactory, and the Tribunal emphasized maximizing asset value. The appeals were disposed of with directions to extend the sale attempt period by six weeks, contingent upon the deposit of earnest money within two weeks, aiming to achieve beneficial liquidation and preserve the company as a going concern. Case-Laws Insolvency and Bankruptcy Wed, 08 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306883