Appellate Tribunal Confirms Liquidation Due to Asset Absence; Promoters Lack Standing to Challenge Order.

Appellate Tribunal Confirms Liquidation Due to Asset Absence; Promoters Lack Standing to Challenge Order. https://www.taxtmi.com/highlights?id=74539 Validity of order of liquidation of the Corporate Debtor - The Appellate Tribunal concluded that the unanimous decision of the CoC to liquidate the Corporate Debtor, considering the lack of assets and the cancellation of the main leasehold asset, was appropriate. The Appellants, being promoters/shareholders, did not have the locus standi to challenge the liquidation order. en-us Thu, 01 Feb 2024 07:44:19 +0530 Wed, 31 Jan 2024 17:36:18 +0530 TaxTMI RSS Generator Appellate Tribunal Confirms Liquidation Due to Asset Absence; Promoters Lack Standing to Challenge Order. https://www.taxtmi.com/highlights?id=74539 Validity of order of liquidation of the Corporate Debtor - The Appellate Tribunal concluded that the unanimous decision of the CoC to liquidate the Corporate Debtor, considering the lack of assets and the cancellation of the main leasehold asset, was appropriate. The Appellants, being promoters/shareholders, did not have the locus standi to challenge the liquidation order. Highlights Insolvency and Bankruptcy Thu, 01 Feb 2024 07:44:19 +0530 https://www.taxtmi.com/highlights?id=74539