NCLT grants 30 days more time to complete compromise or arrangement proposed under Section 230 of the Companies Act, 2013 r/w Reg. 2B of Liquidation Process Regulations, 2016 – Goodwin Packpet Pvt. Ltd. Vs. Mr. Balakrishnan Baburajan IP – NCLT Kochi Bench
July 5, 2021
NCLT held that to arrive at a conclusion whether further time can be granted to the applicants to settle the matter by restructuring the company, we have gone through the 2005 Report of the Expert Committee on Company Law (JJ Irani Committee Report) and in the matter S.C. Sekaran vs. Amit Gupta and Ors. [2019] ibclaw.in 02 NCLAT, in this case, the Hon’ble Tribunal directed the liquidator appointed under the IBC, to “take steps in terms of Section 230” for the revival of the corporate debtor before undertaking the sale of its assets.
NCLT exercising the discretionary power of this Tribunal under Rule 11 of the NCLT Rules, 2016, disposed of the IA with the order that the Applicants are granted 30 days’ time from today to clear off the debt due to the Respondent in the IBA and another Creditor CSB Bank, so as to get re-structured the Applicant Company.
