Corporate LawsLaw Report
NCLAT dismissed the appeal, citing expired MSME status, failure to seek timely rehabilitation, and established debt acknowledgment.
The National Company Law Appellate Tribunal (NCLAT) has upheld the invocation of the Corporate Insolvency Resolution Process (CIRP) against S.S. Aluminium Private Limited in respect of a default of Rs 15.88 crore, noting that the borrowing company cannot take recourse to MSME rehabilitation provisions when the borrowing company did not adopt the necessary procedure before the bank moved the…