The Supreme Court on Wednesday said that principal object of the Insolvency and Bankruptcy Code (IBC) is revival of corporate debtor and to make it a going concern and every attempt should be made to revive it with liquidation being the last resort.
The top court dismissed an appeal filed by an ex-employee of a hotel in Chennai who was aggrieved by the resolution passed by the Committee of Creditors (CoC) for withdrawal of corporate insolvency resolution proceedings (CIRP) and challenged the order of NCLT permitting withdrawal of such CIRP in respect of the corporate debtor (hotel).
On September 13, a two-judge bench of the top court had held that the CoC approved resolution plan submitted to the National Company Law Tribunal (NCLT) can…
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