The New Delhi bench of the National Company Law Appellate Tribunal (NCLAT) held that when the admitted dues have been repaid by the debtor there is no point in continuing the Corporate Insolvency Resolution Process.
The corporate debtor, M/s Rajasthan Land Holdings Ltd. (RLHL), was formerly a fully owned subsidiary of M/s Road Infrastructure Development Company of Rajasthan, a joint venture between the Rajasthani government and IL&FS Transportation Networks Ltd. (ITNL). The Operational Creditor, M/s Rajputana Constructions Pvt. Ltd., filed a Section 9 complaint alleging unpaid operational dues of ₹23.97 lakhs, which resulted to RLHL’s admission into the Corporate Insolvency Resolution Process in September 2019.
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