In a recent ruling, the National Company Law Tribunal ( NCLT ), Mumbai Court-II, allowed an application under Section 33(2) of the Insolvency and Bankruptcy Code, 2016, ordering the liquidation of Unitech Transformers Pvt. Ltd. based on an application filed by the Resolution Professional.
The application was filed by Resolution Professional, Mr. Pravin R. Navandar, the Resolution Professional of Unitech Transformers Pvt. Ltd., a company that had been undergoing Corporate Insolvency Resolution Process (CIRP) since 22.03.2018. The Corporate Debtor had initially received approval for a resolution plan submitted by suspended promoters, which was later withdrawn due to unaffordable CIRP costs.
Subsequently, a…