IBC does not contain any provision for reopening of CIRP process once it is stood concluded at one point of time – Amluckie Investment Company Ltd. – NCLT Mumbai Bench
NCLT Mumbai Bench held that the Hon’ble NCLAT disposed of the appeal after taking notice of settlement “by directing closing of the case before the adjudicating authority. Corporate Debtor is released from the rigour of Corporate Insolvency Resolution Process. Moratorium will cease to have effect, forthwith.” This Bench is of the considered view that the Hon’ble NCLAT had closed the Company Petition meaning thereby the CIRP process stood closed thereat. We are of the view that the words “to reopen the Corporate Insolvency Resolution Proceedings in accordance with Law” only warrants restoration of company petition for fresh admission, because the code does not contain any provision for reopening of CIRP process once it is stood concluded at one point of time.
