Corporate LawsLaw Report
NCLT Orders Liquidation as No Resolution Plan Was Received Within CIRP Period, Clarifying Formal CoC Approval Not Mandatory Under Section 33(1).
The National Company Law Tribunal (NCLT) Mumbai passed the Liquidation Order under Section 33(1) of the Insolvency and Bankruptcy Code (IBC), 2016 against Souvenir Developers (India) Private Limited on account of no receipt of a resolution plan during the Corporate Insolvency Resolution Process (CIRP) period. The Tribunal further appointed an Insolvency…