Resolution Plan Delay Leads to Liquidation Order Under Insolvency and Bankruptcy Code; 270-Day Limit Enforced by Court.

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Full Text of the Document

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....Liquidation - expiry of lime limit of 270 days for resolution - the ‘Resolution Plan’ under I&B Code was not submitted within time and therefore, the ‘Committee of Creditors’ declined to consider the same - the Adjudicating Authority having ordered for liquidation, it cannot be held to be illegal....