https://www.taxtmi.com/caselaws?id=750685 The NCLAT set aside the liquidation order passed by the Adjudicating Authority, allowing the appellant promoters to revive the MSME corporate debtor. The tribunal recognized that liquidation should be the last resort and the appellant's right to propose a revised resolution plan. Since the appellant undertook to clear the entire admitted debt of Rs.4,92,81,826/- to the sole financial creditor comprising 100% of the Committee of Creditors, and no other creditors existed, the NCLAT permitted deposit of the balance amount within 30 days via bank draft or RTGS. The appellant was directed to bear entire CIRP costs, emphasizing revival over corporate death. en-us Fri, 22 Mar 2024 00:00:00 +0530 Wed, 27 Mar 2024 18:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=750685 The NCLAT set aside the liquidation order passed by the Adjudicating Authority, allowing the appellant promoters to revive the MSME corporate debtor. The tribunal recognized that liquidation should be the last resort and the appellant's right to propose a revised resolution plan. Since the appellant undertook to clear the entire admitted debt of Rs.4,92,81,826/- to the sole financial creditor comprising 100% of the Committee of Creditors, and no other creditors existed, the NCLAT permitted deposit of the balance amount within 30 days via bank draft or RTGS. The appellant was directed to bear entire CIRP costs, emphasizing revival over corporate death. Case-Laws Insolvency and Bankruptcy Fri, 22 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=750685