IBC - CIRP - Prohibition on recovery proceedings against the Corporate...

Insolvency and Bankruptcy

CIRP - Prohibition on recovery proceedings against the Corporate debtor - A conjoint reading of the proviso to Section 14 of the IB Code and the provisions of Section 33 of the IB Code, would show that where the resolution plan is rejected or not accepted, the Tribunal is required to pass an order requiring corporate debtor be liquidated in the manner laid down in the chapter and carry out such other actions as mandated therein. - HC

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