NCLT JUDGEMENT ON SECTION 5, 12, 14, 29(A)(c), 29(A), 30, 30(4), 30(6), 33, 33(1), 33(5), 34(1), 56, 60(5) OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016 AND REGULATION 12, 36(A) OF INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (INSOLVENCY RESOLUTION PROCESS FOR CORPORATE PERSONS) REGULATIONS, 2016


Standard Chartered Bank And Ors Vs. Jvl Agro Industries Ltd. And Ors., (2020) 08 NCLT CK 0040

NCLT allowed the application filed by the Resolution Professional under Sec. 33(1) of the Insolvency & Bankruptcy Code, 2016 for liquidation of the Corporate Debtor. While allowing the application NCLT held that the Tribunal observes that upon failure of the resolution process and no approved resolution plan and further on completion of statutory CIRP process, there is no alternative left but to order in conformity with the decision of the CoC liquidation has to follow under Section 33 of the Code. Adherence of the statutory requirement has to be done, as the language of the Code is clear that the adjudicating authority must give effect to it whatever may be consequences.

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