NCLT JUDGEMENT ON SECTION 7, 12, 15, 21(1), 30(6), 31, 33, 33(I)(A), 33(2), 52, 53, 56, 60(5) OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016 AND REGULATION 6 OF THE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (INSOLVENCY RESOLUTION PROCESS FOR CORPORATE PERSONS) REGULATIONS, 2016
Sudha Rani Tayal And Ors Vs. Vintron Communications Pvt. Ltd. And Ors, (2020) 06 NCLT CK 0037 NCLT allowed the application filed by the applicant under Section 60(5) of the IBC praying therein to pass an order for winding up/Liquidation of the Corporate Debtor. While allowing the application NCLT held that the provision quoted in the aforementioned paras shows that Section 33(l)(a) says Where the Adjudicating Authority before the expiry of the insolvency resolution process period or the maximum period permitted for completion of the corporate insolvency resolution process under section 12 or the fast track corporate insolvency resolution process under section 56, as the case may be, does not receive a resolution plan under sub-section (6) of section 30 then adjudicating authority shall pass an order regarding the liquidation of the Corporate Debtor, if we shall consider the case in hand in the light of aforesaid provision then we find, in the case in hand it is specifically mentioned...