Pending Avoidance Proceedings Cannot Override CoC’s Commercial Wisdom to Liquidate Corporate Debtor: NCLT [Read Order]

The Mumbai Bench of the National Company Law Tribunal (NCLT) has held that the pendency of avoidance transaction proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC) cannot obstruct the liquidation of a corporate debtor once the Committee of Creditors (CoC) has in its commercial wisdom resolved to liquidate the company under Section 33(2) of…

Liberty Bell Bay administrators say the company may have been insolvent for more than a year

The administrators of the Liberty Bell Bay manganese smelter believe the company had been insolvent since May last year, months before the Tasmanian government loaned it $20 million. The smelter in northern Tasmania was placed into administration in March and officially closed last week, leaving about 200 workers without jobs.  In its voluntary administrators’ report,…