The Tribunal rejected the appeal but allowed the appellant to submit a compromise and arrangement plan in accordance with Regulation 2B of the Liquidation Process Regulation
The National Company Law Appellate Tribunal (NCLAT), New Delhi bench upheld the liquidation by finding that, in the absence of a compliant resolution plan, the Committee of Creditors (CoC), acting in accordance with Section 33(2) of the Insolvency and Bankruptcy Code, 2016, and using its commercial judgment, was within its rights to decide to liquidate…
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