TMI BlogInitiation of Liquidation.X X X X Extracts X X X X X X X X Extracts X X X X ..... or the fast track corporate insolvency resolution process under section 56, as the case may be, does not receive a resolution plan under sub-section (6) of section 30; or (b) rejects the resolution plan under section 31 for the non-compliance of the requirements specified therein, it shall- (i) pass an order requiring the corporate debtor to be liquidated in the manner as laid down in thi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... creditors may take the decision to liquidate the corporate debtor, any time after its constitution under sub-section (1) of section 21 and before the confirmation of the resolution plan, including at any time before the preparation of the information memorandum. ] (3) Where the resolution plan approved by the Adjudicating Authority 4 [ under section 31 or under sub-section (1) of section 54 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that a suit or other legal proceeding may be instituted by the liquidator, on behalf of the corporate debtor, with the prior approval of the Adjudicating Authority. (6) The provisions of sub-section (5) shall not apply to legal proceedings in relation to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. (7) The order for liqu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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