The National Company Law Tribunal (NCLT), Kolkata Bench, dismissed a restoration application filed by the applicant, holding that a delay beyond 30 days cannot be justified as counsel’s inaction.
Implex Metal & Ferro Alloys Ltd. was admitted into the Corporate Insolvency Resolution Process (CIRP) in March 2018 on a petition by the State Bank of India. The company was ordered into liquidation as no resolution plan was forthcoming. And then the CD was sold as a going concern.
During liquidation, Eastern Power Distribution Company of Andhra Pradesh Ltd, the applicant filed the interim application claiming dues of ₹20.72 crore as CIRP costs. The applicant also asserted that electricity charges paid during CIRP …