With the UK-based Liberty House Group failing to implement its resolution plan, the Cuttack Bench of the National Company Law Tribunal (NCLT) on Monday passed order for liquidation of Adhunik Metaliks Ltd and group company Zion Steel.
The Bench, comprising Justice M B Gosavi, Member (Judicial), cancelled the resolution plan of Liberty House and ordered that Adhunik Metaliks, which has more than 1,500 workers and employees, would be liquidated as a going concern. Sumit Binani, the interim resolution professional, has been appointed as the liquidator.
Considering facts of the case and evidence on record I hold that since the Liberty House Group, the successful resolution applicant failed to implement resolution plan as submitted by them, I…
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