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 provided no 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 CoC decided not to publish Form G before deciding to liquidate. The court considered the submissions of both parties and perused the record.

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 provided no 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 CoC decided not to publish Form G before deciding to liquidate. The court considered the submissions of both parties and perused the record.