Ratandeep Infrastructure Pvt. Ltd.

There is no provision under IBC 2016 to come out of the liquidation process once a liquidation is ordered, the provisions of IBC never envisaged for termination of liquidation process – Navneet Jain – NCLT Allahabad Bench

NCLT Allahabad Bench held that:
(i) There is no provision under IBC 2016 to come out of the liquidation process once a liquidation is ordered, except by way of a Scheme under Section 230 of the Companies Act, 2013 or by Sale as a going concern and the provisions of IBC never envisaged for termination of liquidation process and as such the prayer sought by the Applicant transcends beyond the scope of IBC.
(ii) The present Application, also filed by some of the homebuyers as being applicants making similar prayer for re-auction is not sustainable and liable to dismissed and accordingly stands dismissed.
(iii) The allegation regarding the liquidator/Respondent being related party to the Corporate Debtor and hence, not being eligible to be appointed as liquidator in this case, has already been dealt with in the order dated 21.09.203 passed by this tribunal in I.A No. 177 of 2023 and all these allegations have not been found correct and hence rejected.

There is no provision under IBC 2016 to come out of the liquidation process once a liquidation is ordered, the provisions of IBC never envisaged for termination of liquidation process – Navneet Jain – NCLT Allahabad Bench Read Post »

Scroll to Top