The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Rakesh Kumar Jain (Judicial Member) and Mr. Naresh Salecha (Technical Member) has held that when the extended Corporate Insolvency Resolution Process (CIRP) period has expired and no resolution plan has been approved, it is incumbent upon the Resolution Professional to file an application for the liquidation of the corporate debtor. A discussion regarding the filing of a liquidation application and the Committee of Creditors (CoC)’s request to nominate a liquidator is sufficient for the purposes of Section 33 of the Insolvency and Bankruptcy Code, 2016 (Code).
Brief Facts:
This appeal has been filed by Subh Laxmi Investment Advisory Pvt. Ltd. …
