Liquidation of the Corporate Debtor - SRA has not made the ...
Insolvency and Bankruptcy
May 1, 2024
Liquidation of the Corporate Debtor - SRA has not made the payments within the timeline - The tribunal noted that the impugned order was based on the premise that not proceeding with liquidation would modify the resolution plan, which it deemed impermissible under the Code. However, the tribunal observed that extending payment timelines does not inherently modify the resolution plan and thus cannot justify liquidation. - The tribunal upheld the commercial wisdom of the CoC, which had a majority vote against liquidation. It emphasized that such decisions should not be disregarded lightly by the Adjudicating Authority.
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