The tribunal found that the corporate debtor has no assets, the CIRP Period only implies zero returns with avoidable costs such as liquidator’s fee, public notice etc
The National Company Law Appellate Tribunal (NCLAT) in New Delhi has ruled that the CoC’s decision to liquidate the corporate debtor cannot be criticized once it becomes evident that revival is not a feasible option. The tribunal found that the corporate debtor has no assets, the CIRP Period only implies zero returns with avoidable costs such as liquidator’s fee, public notice etc.
SVC Cooperative Bank offered term loans and working capital facilities to the principal borrower, M/s Universal Textile Waterproof Company (India) (UTWC), with corporate debtor Shri Balaji…
