https://www.taxtmi.com/highlights?id=98432 A promoter's restructuring proposal was treated as not being a resolution plan under the I&B Code because it was not submitted in accordance with the CIRP framework, including the expression of interest process and the requirements of Section 30(2). The Appellate Tribunal held that such a proposal could, at best, be considered a Section 12A withdrawal request to financial creditors, not a compliant resolution plan. As no valid plan had been approved, liquidation followed under Section 33(1)(b). The Tribunal also noted that the corporate debtor had already been sold in liquidation and a sale certificate issued, making the appeal infructuous and leaving no effective relief available. en-us Sat, 04 Apr 2026 10:27:33 +0530 Sat, 04 Apr 2026 10:27:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=98432 A promoter's restructuring proposal was treated as not being a resolution plan under the I&B Code because it was not submitted in accordance with the CIRP framework, including the expression of interest process and the requirements of Section 30(2). The Appellate Tribunal held that such a proposal could, at best, be considered a Section 12A withdrawal request to financial creditors, not a compliant resolution plan. As no valid plan had been approved, liquidation followed under Section 33(1)(b). The Tribunal also noted that the corporate debtor had already been sold in liquidation and a sale certificate issued, making the appeal infructuous and leaving no effective relief available. Highlights IBC Sat, 04 Apr 2026 10:27:33 +0530 https://www.taxtmi.com/highlights?id=98432