The tribunal rendered these observations while rejecting an application filed by the resolution professional (RP) of Shakti Bhog Snacks Limited under Section 54 of the IBC, seeking dissolution of the company on the ground that there are no assets, no ongoing business operations and no scope for its revival.
The RP said that continuation of the Corporate Insolvency Resolution Process (CIRP) or initiation of liquidation would be futile and economically unviable.
However, the Enforcement Directorate (ED) opposed the plea, stating that the company and its ex-official are accused in the money laundering case related to the ₹3,269 crore loan fraud case and the PMLA proceedings are pending against them.
It was submitted that the NCLT does…