CoC Rejection of Lone Resolution Plan Pushes Corporate Debtor into Liquidation: NCLT Orders Liquidation u/s 33 IBC [Read Order]

The National Company Law Tribunal (NCLT) Chandigarh Bench has ordered liquidation of the corporate debtor under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, after the Committee of Creditors (CoC) rejected the only resolution plan received during the Corporate Insolvency Resolution Process (CIRP). READ MORE:Foreign ServicePayments Not Liable for TDS as No Technical Knowledge…

Conditional Payment Linked to Consequence Sheet Treated as Acknowledgment of Operational Debt: NCLAT Sustains CIRP Admission [Read Order]

The National Company Law Appellate Tribunal (NCLAT) New Delhi has held that a Corporate Debtor cannot avoid insolvency proceedings after expressly quantifying and conditionally agreeing to pay operational dues through a self-prepared consequence sheet treating such conduct as acknowledgment of debt under the Insolvency and Bankruptcy Code, 2016 (IBC). The dispute arose from multiple purchase…