The National Company Law Tribunal (NCLT), Bengaluru Bench, has upheld the ₹17.25 crore resolution plan for Dunlop Polymers Private Limited, ruling that the COVID‑19‑related stay and Canara Bank’s objection over delays in the Corporate Insolvency Resolution Process (CIRP) did not bar its approval.
The corporate debtor, Dunlop Polymers Pvt. Ltd., was admitted into the Corporate Insolvency Resolution Process (CIRP) on 25 June 2019 under Section 7 of the Insolvency and Bankruptcy Code, 2016, for default in repayment of ₹48.46 lakh. The initial Interim Resolution Professional (IRP), Tuhin Kumar Chatterjee, faced challenges when Canara Bank disputed the constitution of the Committee of Creditors…