The National Company Law Tribunal (NCLT) New Delhi Bench has held that liquidation under the Insolvency Bankruptcy Code (IBC), 2016 can be ordered in the absence of a Pending Corporate Insolvency Resolution Process (“CIRP”). The liquidation operates once the statutory period under Section 12 has lapsed without receipt of any Resolution Plan.
An Application was filed by M/s Peejay Finance Company Limited (Financial Creditor) to initiate Corporate Insolvency Resolution Process (“CIRP”) against M/s V.S. Matrix Pvt. Ltd. (Corporate Debtor) under Section 7 of the Code before this Adjudicating Authority. This Adjudicating Authority vide order dated 30.08.2019 admitted the Application, declared a moratorium and …