https://www.taxtmi.com/caselaws?id=448871 Liquidation may follow a unanimous Committee of Creditors decision where the corporate debtor has no viable resolution prospect and the statutory conditions for liquidation are satisfied. The Appellate Tribunal treated the move to liquidation as a commercial decision, noting that the debtor's only substantial asset was a leased property whose lease had already been cancelled, no workable resolution plan was forthcoming, and attempts to renew the lease had failed. It held that appellate review is limited and cannot replace the CoC's business judgment. Promoters or shareholders were found to have no vested right to obstruct the liquidation order, and the proposed interest of one appellant was rejected for ineligibility concerns under the Code. en-us Wed, 24 Jan 2024 00:00:00 +0530 Wed, 31 Jan 2024 17:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448871 Liquidation may follow a unanimous Committee of Creditors decision where the corporate debtor has no viable resolution prospect and the statutory conditions for liquidation are satisfied. The Appellate Tribunal treated the move to liquidation as a commercial decision, noting that the debtor's only substantial asset was a leased property whose lease had already been cancelled, no workable resolution plan was forthcoming, and attempts to renew the lease had failed. It held that appellate review is limited and cannot replace the CoC's business judgment. Promoters or shareholders were found to have no vested right to obstruct the liquidation order, and the proposed interest of one appellant was rejected for ineligibility concerns under the Code. Case-Laws Insolvency and Bankruptcy Wed, 24 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448871