The liquidator is required by section 36(2) to hold the liquidation estate for the benefit of the creditors
The New Delhi bench of the National Company Law Appellate Tribunal (NCLAT) has ruled that, in accordance with Section 36 of the Insolvency and Bankruptcy Code, 2016 (Code), all assets shown on the corporate debtor’s balance sheet are part of the liquidation estate and cannot be allocated to creditors outside of the parameters set forth in Sections 52 and 53 of the Code.
The Adjudicating Authority (AA) admitted a petition under section 7 of the code against M/s Vegan Colloids Ltd (Corporate Debtor) on…
