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Liquidation process was to be initiated when resolution plan wasn’t approved by requisite majority: SC

February 7, 2019[2019] 102 taxmann.com 139 (SC)
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IBC: Where resolution plan of concerned corporate debtor(s) had not been approved by requisite percent of voting share of financial creditors, i.e., 75 per cent as in October 2017, and no alternative resolution plan was presented within statutory period of 270 days, proposed resolution plan was to be disapproved and amendment to section 30(4) which came into force with effect from 6-6-2018 substituting threshold requirement of 75 per cent to 66 per cent would not be applicable and, therefore, liquidation process under section 33 was to be initiated

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