Serial entrepreneur C Sivasankaran, promoter of Siva Industries, has filed an appeal in the National Company Law Appellate Tribunal (NCLAT), Chennai, against the recent order of the National Company Law Tribunal (NCLT), Chennai, on liquidation of Siva Industries.
The matter is listed for hearing on Monday.
The NCLT, on August 12, ordered liquidation of Siva Industries and rejected lenders proposal to withdraw the company from bankruptcy proceedings. It also rejected the application filed by Resolution Professional of Siva Industries.
The NCLT Bench said thatboth the Committee of Creditors (CoC) and promoter of the corporate debtor had not reached a final decision as per Clause 2 of Chapter VIII of the settlement proposal. Hence based on…
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