Court Rules Liquidation Focuses on Assets, Not Company Sale; IBC Procedures Must Be Followed for Closure Without Dissolution.

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....Seeking relief asking for closure of the liquidation process without dissolving the Corporate Debtor - When procedure itself is part of the enactment, the Regulating Authority cannot rewrite the procedure obliterating the provisions of IBC. Yes, the Regulating authority may bring in subordinate procedure for full implementation of the sections of the Code. What could be liquidated is the assets of the debtor company, this concept of liquidation of assets shall not be construed as inclusion of sale of the company - Tri....