The Adjudicating Authority allowed an application for liquidation filed by the Resolution Professional. The Appellant, the suspended director of the Corporate Debtor, filed an appeal against this order. The Appellant argued that the CoC did not provide reasons for the liquidation decision in the third CoC meeting and that the Corporate Debtor was not sold as a going concern. The Respondent argued that the CoC discussed the matter in the third and fourth CoC meetings and passed a resolution for liquidation in the fourth CoC meeting. The Respondent also stated that there are no assets and the Corporate Debtor has already been blacklisted. The CoC deliberated on all aspects of the matter and decided to liquidate the Corporate Debtor after deciding not to publish Form G.

The Adjudicating Authority allowed an application for liquidation filed by the Resolution Professional. The Appellant, the suspended director of the Corporate Debtor, filed an appeal against this order. The Appellant argued that the CoC did not provide reasons for the liquidation decision in the third CoC meeting and that the Corporate Debtor was not sold as a going concern. The Respondent argued that the CoC discussed the matter in the third and fourth CoC meetings and passed a resolution for liquidation in the fourth CoC meeting. The Respondent also stated that there are no assets and the Corporate Debtor has already been blacklisted. The CoC deliberated on all aspects of the matter and decided to liquidate the Corporate Debtor after deciding not to publish Form G.