The National Company Law Tribunal (NCLT) Mumbai Bench has ordered liquidation proceedings against Shri Tradco Deesan Private Limited under Section 33 of the Insolvency and Bankruptcy Code, 2016 (IBC) after the Committee of Creditors (CoC) rejected further extension of the Corporate Insolvency Resolution Process (CIRP) and no resolution plan could be approved within the prescribed timeline.
The Corporate Debtor had originally been admitted into CIRP on February 15, 2023, in a petition filed by State Bank of India under Section 7 of the IBC. Although the admission order was initially stayed by the National Company Law Appellate Tribunal (NCLAT), the stay was later vacated, allowing the CIRP to proceed.
During the…