https://www.taxtmi.com/caselaws?id=465226 The NCLT (Kolkata) ordered liquidation of the corporate debtor under the IBC upon expiry of the extended CIRP period without receipt of any resolution plan by the RP or CoC. Although the CoC did not adopt a formal resolution recommending liquidation, the Tribunal held that, in the absence of any viable resolution plan within the statutory timeline, liquidation was the only legally permissible course. Observing from the RP's progress reports that the corporate debtor was a going concern with substantial assets, the Tribunal directed that liquidation be pursued, as far as practicable, on a going-concern basis and appointed the RP as liquidator. en-us Thu, 05 Mar 2020 00:00:00 +0530 Thu, 11 Dec 2025 16:57:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465226 The NCLT (Kolkata) ordered liquidation of the corporate debtor under the IBC upon expiry of the extended CIRP period without receipt of any resolution plan by the RP or CoC. Although the CoC did not adopt a formal resolution recommending liquidation, the Tribunal held that, in the absence of any viable resolution plan within the statutory timeline, liquidation was the only legally permissible course. Observing from the RP's progress reports that the corporate debtor was a going concern with substantial assets, the Tribunal directed that liquidation be pursued, as far as practicable, on a going-concern basis and appointed the RP as liquidator. Case-Laws IBC Thu, 05 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465226