Liquidation of Corporate debtor - Rejection of application ...

NCLT Rejects Extension Request for Compromise Scheme Due to Lack of Prepared Plan and Creditor Consent.

July 8, 2023

Case Laws Insolvency and Bankruptcy AT

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 ...

NCLT Rejects Extension Request for Compromise Scheme Due to Lack of Prepared Plan and Creditor Consent.

July 8, 2023

Case Laws Insolvency and Bankruptcy AT

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