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…

