NCLAT allows four weeks’ time to Suspended Director of the Corporate Debtor to take steps for settlement, if any, and directs the IRP may convene the next meeting of the CoC after four weeks – Mehul Patel Suspended Director of Map Refoils India Ltd. Vs. Hitesh Kumar Sureshbhai Gajjar & Anr. – NCLAT New Delhi
NCLAT held that in view of the facts and submissions which has been made by parties before us, let the meeting of the CoC convene for today takes place. Four weeks’ time be allowed to the Suspended Director to take steps for settlement, if any, and the IRP may convene the next meeting of the CoC after four weeks from today. Further steps, if any, in pursuance of the decision of the CoC may takes place after four weeks. In event, no settlement is taken place between four weeks, the CIRP shall proceed in accordance with law.
