The National Company Law Tribunal (NCLT) Chandigarh Bench has ordered liquidation of the corporate debtor under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, after the Committee of Creditors (CoC) rejected the only resolution plan received during the Corporate Insolvency Resolution Process (CIRP).
The CIRP against the corporate debtor Aabha Industries Limited had commenced pursuant to a Section 7 application filed by Punjab National Bank. Initially, an Interim Resolution Professional (IRP) was appointed who later constituted the CoC comprising Punjab National Bank…