In a significant development, the National Company Law Tribunal (NCLT), Kochi Bench, has ordered the liquidation of Greenlace Builders and Developers Private Limited, a real estate and construction company based in Kochi, Kerala. The decision came after the Committee of Creditors (CoC) voted in favor of liquidation, citing the company’s inability to continue operations and the absence of a viable resolution plan.
The tribunal, comprising Member (Judicial) Shri Jyoti Kumar Tripathi and Member (Technical) Shri Ravichandran Ramasamy, passed the order under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016. The CoC, led by Piramal Trusteeship Services Private Limited, which holds 89.31% of the voting rights, had…
