The National Company LawTribunal (NCLT) Hyderabad, has directed that Splendid Metal Products Limited which was subsequently renamed as Thalaivar Steels Limited should be liquidated due to the continued inability to execute the Resolution Plan approved despite significant amounts being paid by the Successful Resolution Applicant (SRA).
The Corporate Debtor was admitted for CIRP on 4 April 2019. A Resolution Plan which had been put forward by Antanium Holdings Private Limited and Invent Assets Securitisation and Reconstruction Private Limited was approved by the CoC by 91.1% votes and subsequently sanctioned by the Tribunal on 8 April 2021, thereby making it binding on all.
According to the Resolution Plan, a total of…