Sole Decision of Related Parties Financial Creditors Could Be Fatal for Existence of Corporate Debtor: NCL … – taxscan.in

The National Company Law Appellate Tribunal (NCLAT), Delhi Bench while quashing the Liquidation Proceedings ruled that the sole decision of related parties Financial Creditors could be fatal for the existence of the corporate debtor and cannot be sustained.

The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP), and Respondent, INCAB Industries Ltd. was appointed as Interim Resolution Professional (IRP) of the Corporate Debtor.

Under the invitation of claims by the IRP, the Appellants namely B…

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