https://www.taxtmi.com/caselaws?id=438528 Dissolution of the corporate debtor under Section 54 of the Insolvency and Bankruptcy Code was sustained because no realisable assets remained, no viable resolution plan emerged within the insolvency timeline, and the only valuable asset had lost utility. The Committee of Creditors approved dissolution unanimously, and the appellate tribunal found no legal infirmity in the adjudicating authority's order. Reaffirming that insolvency proceedings are time-bound and that the commercial decision of the Committee of Creditors will not be interfered with unless arbitrary or contrary to statute, the tribunal upheld the dissolution order and dismissed the appeal. en-us Thu, 01 Jun 2023 00:00:00 +0530 Sat, 03 Jun 2023 08:53:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438528 Dissolution of the corporate debtor under Section 54 of the Insolvency and Bankruptcy Code was sustained because no realisable assets remained, no viable resolution plan emerged within the insolvency timeline, and the only valuable asset had lost utility. The Committee of Creditors approved dissolution unanimously, and the appellate tribunal found no legal infirmity in the adjudicating authority's order. Reaffirming that insolvency proceedings are time-bound and that the commercial decision of the Committee of Creditors will not be interfered with unless arbitrary or contrary to statute, the tribunal upheld the dissolution order and dismissed the appeal. Case-Laws Insolvency and Bankruptcy Thu, 01 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438528