Adjudicating Authority suspended the voluntary liquidation process, however, it refused to convert it to a compulsory liquidation under section 271 of the Companies Act, 2013 – Central Inland Water Transport Corporation Ltd. – NCLT Kolkata Bench
The liquidator filed an application under regulation 40(2) of the Voluntary Liquidation Process Regulations, 2017 praying for suspension of the voluntary liquidation process initiated by the company as the pre-requisite for voluntary liquidation that the company is solvent is absent in the instant case. On being satisfied, the Adjudicating Authority suspended the voluntary liquidation process. It, however, refused to convert it to a compulsory liquidation under section 271 of the Companies Act, 2013.
