Liquidation of Corporate debtor - Rejection of application ...

Insolvency and Bankruptcy

July 8, 2023

Liquidation of Corporate debtor - Rejection of application seeking extension of timeline as mentioned in the “Invitation for Submission of Scheme” - The Appellant has not shown any proof of a scheme of compromise and arrangement that is formulated and ready, and proposed for consideration nor has the Appellant obtained the consent of 75% of the secured creditors of the corporate debtor in support of such a scheme. - The 90 days’ timeline has already expired - NCLT rightly rejected the application - AT

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Liquidation of Corporate debtor - Rejection of application ...

Insolvency and Bankruptcy

July 8, 2023

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