In a significant ruling, the National Company Law Appellate Tribunal (NCLAT), Chennai, has invoked its supervisory power of Tribunal under section 231 and granted a final 60-day extension to implement the arrangement scheme under sections 230-232 of the Insolvency and Bankruptcy Code (IBC) 2016.
The Tribunal quashed the cancellation of the Scheme of Arrangement earlier ordered by the National Company Law Tribunal (NCLT), Chennai.
The case arose during the liquidation of RA Samy Trading Pvt. Ltd., whose corporate insolvency resolution process had failed in 2019, leading to liquidation in 2021. In December 2022, the Stakeholders’ Consultation Committee approved a Scheme of Arrangement proposed by C Ganesh, the…