NCLT Allows Second Challenge Round In Frost International Insolvency To Maximise Value For Creditors

Liquidation

NCLT Allows Second Challenge Round In Frost International Insolvency To Maximise Value For Creditors | Representational Image In connection with the ongoing insolvency proceedings of Frost International Limited(FIL), the National Company Law Tribunal (NCLT), Mumbai Bench, has permitted the Committee of Creditors (CoC) to conduct a second challenge mechanism for selecting a resolution plan, paving…

Section 347(5) Of The Companies Act, 1973 Prohibits A Court From Granting A Winding Up Order If Another Court Has Already Granted A Provisional Winding Up Order – Corporate and Company Law

Liquidation

In a recent judgment, the Supreme Court of Appeal (“SCA“) considered whether an appellate court can grant a final winding-up order in a proceeding against a company, where another court has already granted a provisional order against the same company. The appeal was brought by by Resilient Rock (Pty) Ltd (“Resilient“) against Voltex (Pty) Ltd…