Corporate Entity Starts in Clean State on Rejuvenation on Approval of Resolution Plan by NCLT: Calcutta HC [Read Order]

The High Court struck off the names of Defendant No. 1 and Defendant No. 5 from the list of parties involved in the case
Calcutta High Court - Approval of Resolution Plan by NCLT - Corporate Entity Starts in Clean State - Calcutta High Court held that after the insolvency proceeding is over - taxscan

The Calcutta High Court held that after the insolvency proceeding is over and the resolution plan is duly approved by the National Company Law Tribunal ( NCLT ), the corporate entity starts with a clean slate on rejuvenation. The department contended that M/s Ramswarup Lohh Udyog & Ors, Defendant No. 1 merged with Defendant No….

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