https://www.taxtmi.com/caselaws?id=770309 NCLAT set aside NCLT's liquidation order and remanded the matter for fresh consideration. The case involved withdrawal of consent by a financial creditor to an approved resolution plan before NCLT approval under Section 30(6) of IBC, 2016. NCLAT held that liquidation lacked commercial wisdom as the resolution plan offered Rs. 77.98 crores against liquidation value of Rs. 23.45 crores. The tribunal found NCLT failed to adjudicate fraud allegations, provided no notice to appellants, and gave no reasons for liquidation order. Key unresolved issues included whether liquidation could be ordered without formal application by resolution professional or CoC approval, and whether financial creditors can withdraw consent to resolution plans pending NCLT approval. en-us Tue, 06 May 2025 00:00:00 +0530 Fri, 09 May 2025 09:12:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770309 NCLAT set aside NCLT's liquidation order and remanded the matter for fresh consideration. The case involved withdrawal of consent by a financial creditor to an approved resolution plan before NCLT approval under Section 30(6) of IBC, 2016. NCLAT held that liquidation lacked commercial wisdom as the resolution plan offered Rs. 77.98 crores against liquidation value of Rs. 23.45 crores. The tribunal found NCLT failed to adjudicate fraud allegations, provided no notice to appellants, and gave no reasons for liquidation order. Key unresolved issues included whether liquidation could be ordered without formal application by resolution professional or CoC approval, and whether financial creditors can withdraw consent to resolution plans pending NCLT approval. Case-Laws IBC Tue, 06 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770309