The case involves an application filed by the liquidator of Central Inland Water Transport Corporation Ltd. under Regulation 40(2) of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, and Section 59 of the Insolvency and Bankruptcy Code, 2016. The corporate debtor initiated voluntary liquidation. The liquidator sought suspension of the voluntary liquidation process because the corporate debtor had several pending litigations, and the claims against it exceeded the value of its assets, indicating that the company was not solvent, a prerequisite for voluntary liquidation. The corporate debtor was engaged in river services and faced operational bottlenecks, leading to losses. The Cabinet approved the dissolution of the

The case involves an application filed by the liquidator of Central Inland Water Transport Corporation Ltd. under Regulation 40(2) of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, and Section 59 of the Insolvency and Bankruptcy Code, 2016. The corporate debtor initiated voluntary liquidation. The liquidator sought suspension of the voluntary liquidation process because the corporate debtor had several pending litigations, and the claims against it exceeded the value of its assets, indicating that the company was not solvent, a prerequisite for voluntary liquidation. The corporate debtor was engaged in river services and faced operational bottlenecks, leading to losses. The Cabinet approved the dissolution of the