28/10/2024

A purchaser backing out from the transaction the consequences as available in law have to followed and take recourse – Kuldeep Verma Vs. Government of Kerala and Ors. – NCLAT New Delhi

The liquidator proposed sale of the shares of subsidiary company to Govt. of Keral which was approved by NCLT. However, Govt. of Kerala backed out from the purchase of the shares.

Hon’ble NCLAT held that a purchaser backing out from the transaction the consequences as available in law have to followed and take recourse, but no direction could be issued to compel the State to purchase the share.

A purchaser backing out from the transaction the consequences as available in law have to followed and take recourse – Kuldeep Verma Vs. Government of Kerala and Ors. – NCLAT New Delhi Read Post »

If CIRP having come to an end and liquidation has not been ordered, no further steps are required to be taken by RP, CIRP proceedings may be treated to be closed and Resolution Professional cannot file application for dissolution under Section 54 of IBC | RP can intimate the RoC for striking off the name of Corporate Debtor from the Register of the Companies – Janak Jagjivan Shah RP Rainbow Infrabuild Pvt. Ltd. Vs. CoC of Rainbow Infrabuild Pvt. Ltd. – NCLAT New Delhi

Hon’ble NCLAT held that:

(i) CIRP having been unsuccessful and no liquidation order having been passed, recourse to Section 54 of IBC, could not have been taken by the RP
(ii) When the entity, who has initiated the CIRP is not ready to proceed any further and CIRP period having already come to an end, no further steps were required in the CIRP of the Corporate Debtor and RP could have closed the matter by intimating the Registrar of Companies for striking off the name of Company from the Register of the Companies.
(iii) The CIRP having come to an end and liquidation has not been ordered, no further steps are required to be taken by the RP. The CIRP proceedings may be treated to be closed.

If CIRP having come to an end and liquidation has not been ordered, no further steps are required to be taken by RP, CIRP proceedings may be treated to be closed and Resolution Professional cannot file application for dissolution under Section 54 of IBC | RP can intimate the RoC for striking off the name of Corporate Debtor from the Register of the Companies – Janak Jagjivan Shah RP Rainbow Infrabuild Pvt. Ltd. Vs. CoC of Rainbow Infrabuild Pvt. Ltd. – NCLAT New Delhi Read Post »

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