The National Company Law Tribunal (NCLT) New Delhi has held that assignment of Not Readily Realisable Assets (NRRAs) including pending avoidance transaction proceedings, would not obstruct dissolution of a Corporate Debtor where no further realisable assets remained available for distribution under the Insolvency and Bankruptcy Code, 2016 (IBC).
The Corporate Debtor had entered liquidation pursuant to an order dated November 6, 2020, after failure of the Corporate Insolvency Resolution Process initiated in a petition filed by Oriental Bank of Commerce.
During liquidation the Liquidator conducted valuation exercises, invited claims, constituted the Stakeholders Consultation Committee (SCC) and submitted regular…