NCLAT sets aside NCLT’s order for Home Derivatives’ liquidation, ruling new IBBI regulations cannot apply retrospectively to ongoing cases.
Key Points
- NCLAT set aside an NCLT order directing the liquidation of Home Derivatives.
- The NCLT had rejected a successful bidder’s plea, citing new IBBI regulations mandating asset dissolution.
- NCLAT ruled that the IBBI amendment could not retrospectively apply to a liquidation process that began earlier.
- The appellate tribunal emphasized IBC’s goal of resolution, protecting jobs and operational creditors.
- Garden Court Distilleries was the successful bidder for Home Derivatives as a going concern.
New Delhi, Sep 10 (PTI) The National Company Law Appellate Tribunal (NCLAT) on Thursday set aside an order by…