The National Company Law Tribunal has for the first time directed that a liquidator be appointed in place of an existing resolution professional in the case of a company which has no feasible resolution plan in sight, marking a new chapter in the evolving Insolvency and Bankruptcy Code.
The tribunal has directed the winding up of Keshav Sponge and Energy, whose petition was admitted on February 16 this year. The company had filed the petition after it failed to repay more than Rs 85 crore to its creditors including Punjab National Bank. Delhi-based Adesh Kumar Mehta was appointed as the resolution professional.
“Since the committee of creditors unanimously has approved Mr Anil Agarwal as the liquidator for initiation of liqu…
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