The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member) and Mr. Barun Mitra (Technical Member) has held that there is no provision in the Insolvency and Bankruptcy Code, 2016 (Code), that mandates the valuation report to be shared with the suspended management of the Corporate Debtor. Therefore, the Resolution Professional cannot be faulted for not providing the report.
Brief Facts:
M/s Medirad Tech India Ltd. (Corporate Debtor) was admitted into the Corporate Insolvency Resolution Process (CIRP) on 08.12.2021 following the admission of a Section 7 application filed by M/s India SME Assets Reconstruction Company Ltd. (ISARC). Upon initiation of CIRP, the Interim…
