The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Arun Baroka (Technical Member) and Mr. Barun Mitra (Technical Member) held that when the admitted dues have been repaid by the debtor there is no point in continuing the Corporate Insolvency Resolution Process.
Background Facts:
M/s Rajasthan Land Holdings Ltd. (RLHL), the Corporate Debtor, was originally a wholly owned subsidiary of M/s Road Infrastructure Development Company of Rajasthan, a joint venture between IL&FS Transportation Networks Ltd. (ITNL) and the Government of Rajasthan.
In September 2019, RLHL was admitted into Corporate Insolvency Resolution Process based on a Section 9 application…
