The insolvency appellate tribunal NCLAT has upheld an NCLT order directing liquidation of debt-ridden Sintex Plastics Technology. A two-member bench of the National Company Law Appellate Tribunal (NCLAT) also rejected the submission of an unsuccessful bidder that NCLT passed an order for liquidation even though its lone CoC member had abstained from voting.
RBL Bank was the sole member of the Committee of Creditors (CoC) of Sintex, owning 100 per cent votes.
Subhlaxmi Investment Advisory, one of the resolution applicants, had contended before the NCLAT that the sole member of the CoC abstained from voting, therefore, technically, the resolution plan submitted by it was not rejected.
However, rejecting it, the NCLAT said”… the very…
