The National Company Law Appellate Tribunal (NCLAT) on Tuesday came down hard on companies such as Liberty House Group, which successfully bid for debt-ridden firms under the corporate insolvency resolution process but later withdrew from it citing one reason or the other. “We would decide what action should be taken against such companies,” a two-member bench led by Chairperson Justice S J Mukhopadhaya said.
The observations by NCLAT came during a plea moved in the insolvency resolution process of ARGL Limited, which is a subsidiary of debt-ridden Amtek Group. Liberty House had emerged as the highest bidder for ARGL, following which the resolution professional of the company sought a…
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