https://www.taxtmi.com/caselaws?id=760953 The NCLAT set aside the Adjudicating Authority's order directing a transaction audit for corporate debtor dissolution. The court held that dissolution under Section 54 of IBC cannot be invoked without completing liquidation proceedings first. Since CIRP concluded unsuccessfully with no resolution plan received and no liquidation order passed under Section 33(1), the proper remedy was for the Resolution Professional to inform the Registrar of Companies for striking off the company name, not seeking dissolution. The CoC's refusal to contribute to liquidation costs did not justify bypassing the statutory liquidation process before dissolution. en-us Mon, 28 Oct 2024 00:00:00 +0530 Tue, 29 Oct 2024 12:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760953 The NCLAT set aside the Adjudicating Authority's order directing a transaction audit for corporate debtor dissolution. The court held that dissolution under Section 54 of IBC cannot be invoked without completing liquidation proceedings first. Since CIRP concluded unsuccessfully with no resolution plan received and no liquidation order passed under Section 33(1), the proper remedy was for the Resolution Professional to inform the Registrar of Companies for striking off the company name, not seeking dissolution. The CoC's refusal to contribute to liquidation costs did not justify bypassing the statutory liquidation process before dissolution. Case-Laws IBC Mon, 28 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760953