https://www.taxtmi.com/caselaws?id=789158 A promoter's restructuring proposal cannot be treated as a resolution plan unless it satisfies the Insolvency and Bankruptcy Code's mandatory approval framework, including the requirements for a compliant plan under section 30(2). The proposal, at best, could be considered in the context of withdrawal under section 12A, not as a substitute for a resolution plan submitted through the insolvency process. As no compliant and approved resolution plan was placed before the authority, liquidation under section 33(1)(b) was justified and the challenge to the liquidation direction failed. en-us Thu, 02 Apr 2026 00:00:00 +0530 Sat, 04 Apr 2026 08:53:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=789158 A promoter's restructuring proposal cannot be treated as a resolution plan unless it satisfies the Insolvency and Bankruptcy Code's mandatory approval framework, including the requirements for a compliant plan under section 30(2). The proposal, at best, could be considered in the context of withdrawal under section 12A, not as a substitute for a resolution plan submitted through the insolvency process. As no compliant and approved resolution plan was placed before the authority, liquidation under section 33(1)(b) was justified and the challenge to the liquidation direction failed. Case-Laws IBC Thu, 02 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=789158