https://www.taxtmi.com/caselaws?id=751963 The NCLAT set aside the Adjudicating Authority's liquidation order of the Corporate Debtor. The CoC had voted against liquidation in July 2022, and the SRA subsequently deposited the required amount with interest as per a December 2022 resolution. The Tribunal held that Respondent No.1 concealed material facts by not disclosing the CoC's December 2022 resolution when seeking liquidation. The court ruled that time extension for payments under a resolution plan does not constitute modification of the plan, and the Adjudicating Authority erred in interfering with the CoC's commercial decision against liquidation. Appeal allowed. en-us Mon, 29 Apr 2024 00:00:00 +0530 Wed, 01 May 2024 07:58:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751963 The NCLAT set aside the Adjudicating Authority's liquidation order of the Corporate Debtor. The CoC had voted against liquidation in July 2022, and the SRA subsequently deposited the required amount with interest as per a December 2022 resolution. The Tribunal held that Respondent No.1 concealed material facts by not disclosing the CoC's December 2022 resolution when seeking liquidation. The court ruled that time extension for payments under a resolution plan does not constitute modification of the plan, and the Adjudicating Authority erred in interfering with the CoC's commercial decision against liquidation. Appeal allowed. Case-Laws Insolvency and Bankruptcy Mon, 29 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751963