2024 (4) TMI 571 - SCH - Insolvency and Bankruptcy

Seeking extension of CIRP beyond the period of 330 days - liquidation of the Corporate Debtor - it was held by NCLAT that the applications filed for extension of time by the RP has rightly been dismissed and the application filed by the RP for an order of liquidation of the Corporate Debtor has rightly been passed which does not require interference by this Tribunal - withdrawal of CIRP application. HELD THAT - In view of the subsequent development and as Indian Renewable Energy Development Agency Ltd. and National Asset Reconstruction Company Limited have accepted the proposal, the impugned order as well as the judgment/order dated 27.06.2023 passed by the National Company Law Tribunal is set aside, and the matter remitted to the NCLT, to examine and follow the procedure established by law in terms of Section 12A of the Insolvency and Bankruptcy Code, 2016. Appeal disposed off.

Summary

Issues involved: Setting aside impugned order, remitting matter to NCLT, application disposal, expeditious decision by NCLT.

The Supreme Court, in the case, set aside the impugned order and the judgment/order passed by the National Company Law Tribunal (NCLT) Special Bench-I, Chennai. The matter was remitted to the NCLT to examine and follow the procedure as per Section 12A of the Insolvency and Bankruptcy Code, 2016. The appeal was disposed of with directions for the parties to appear before the NCLT on a specified date for fixing a hearing. The NCLT was requested to decide the matter expeditiously, and pending applications were disposed of as well.