The NCLAT found no error in the NCLT’s decision, affirming the validity of the CoC’s commercial wisdom and the necessary procedural steps for liquidation
The Delhi Bench of National Company Law Appellate Tribunal(NCLAT)upheld the National Company Law Tribunal(NCLT)’s decision to approve liquidation for Sintex Plastics Technologies Ltd. following the Committee of Creditors (CoC) abstaining from voting on the resolution plan and the subsequent move for liquidation was valid.
Subh Laxmi Investment Advisory Pvt. Ltd.,appellant,filed an appeal against the NCLT Ahmedabad order dated May 3, 2024, which allowed the liquidation of Sintex Plastics Technologies Ltd. and appointed Mr. Bimal Ashok Desai as the liquidator.
The insolvency…
