https://www.taxtmi.com/caselaws?id=450036 NCLAT dismissed appeals challenging liquidation approval under Section 33 of IBC. CoC unanimously voted for liquidation after Corporate Debtor remained non-functional for three years prior to CIRP initiation. Bank failed to recover assets despite SARFAESI proceedings, and suspended management refused to cooperate in asset handover. Resolution Professional lacked adequate information for proper information memorandum, making viable resolution plans unlikely. NCLAT held CoC has authority to approve liquidation before inviting resolution plans based on commercial wisdom. Adjudicating Authority's limited judicial review powers prevented interference with CoC's business decision. No material irregularity or fraud established under Section 61(4) of IBC. en-us Fri, 23 Feb 2024 00:00:00 +0530 Mon, 26 Feb 2024 07:42:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450036 NCLAT dismissed appeals challenging liquidation approval under Section 33 of IBC. CoC unanimously voted for liquidation after Corporate Debtor remained non-functional for three years prior to CIRP initiation. Bank failed to recover assets despite SARFAESI proceedings, and suspended management refused to cooperate in asset handover. Resolution Professional lacked adequate information for proper information memorandum, making viable resolution plans unlikely. NCLAT held CoC has authority to approve liquidation before inviting resolution plans based on commercial wisdom. Adjudicating Authority's limited judicial review powers prevented interference with CoC's business decision. No material irregularity or fraud established under Section 61(4) of IBC. Case-Laws Insolvency and Bankruptcy Fri, 23 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450036