Inactivity Of Company For Two Years No Bar To Insolvency Proceedings: NCLAT

The National Company Law Appellate Tribunal (NCLAT) at New Delhi has recently ruled that a company cannot avoid insolvency proceedings simply because it has not been operating for two years. A bench of Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra while upholding insolvency proceedings against Sant Kripa Appliances said, “the mere fact that CD was not functioning for…