The National Company Law Tribunal (NCLT), Mumbai Bench, has held that pending interlocutory applications concerning the affairs of a Corporate Debtor do not prevent liquidation proceedings from commencing.
Such applications can instead be pursued by the Liquidator in accordance with law.
“Though certain interlocutory applications relating to the affairs of the Corporate Debtor are stated to be pending, the same would not preclude the commencement of liquidation proceedings and may be pursued by the Liquidator in accordance with law,” Judicial Member Vinay Goel and Technical Member Charanjeet Singh Gulati observed.
The observation came while the court ordered liquidation of European Projects & Aviation Limited under Section 33(2) of…