Liquidation of the Corporate Debtor under Section 33 of the IBC ...
Insolvency and Bankruptcy
February 26, 2024
Liquidation of the Corporate Debtor under Section 33 of the IBC - The appellant contended that the RP misled the CoC regarding the possession and valuation of assets, which led to an unjust liquidation decision. The appellants also claimed that the CoC's decision was made without adequately considering potential resolution plans. - The NCLAt dismissed the appeals, affirming the Adjudicating Authority's order to liquidate Bil Energy Systems Limited. It held that the CoC's decision was made in compliance with the IBC and that there was no evidence of material irregularity or fraud that would warrant overturning the liquidation order.
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