The case involves Servalakshmi Paper Ltd., which was undergoing a Corporate Insolvency Resolution (CIR) process. As no resolution plan was available, the company was ordered to be liquidated on 2018-04-24. An appeal was filed against the liquidation order before the NCLAT. The NCLAT, in its order dated 2019-02-27, directed under Para 18 for approval of the scheme, if any, filed under Section 230 of the Companies Act, 2013, which could be beneficial for revival of the Corporate Debtor. Subsequently, the Liquidator filed an application seeking direction to constitute a Committee of Creditors (CoC) to ascertain their opinion on the schemes filed by two applicants.
Servalakshmi Paper Ltd. was undergoing a CIR process but lacked a resolution plan, leading to a liquidation order on 2018-04-24. An appeal was filed, and the NCLAT directed consideration of schemes under Section 230 of the Companies Act, 2013. The Liquidator then applied to form a CoC to assess these schemes. The NCLAT had given 90 days for working out the Scheme under Section 230 of the Companies Act, 2013, which has already been expired.
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Servalakshmi Paper Ltd. was ordered to be…
The Hon'ble NCLAT passed an order in the…
The case involves Servalakshmi Paper Ltd., which was undergoing a Corporate Insolvency Resolution (CIR) process. As no resolution plan was available, the company was ordered to be liquidated on 2018-04-24. An appeal was filed against the liquidation order before the NCLAT. The NCLAT, in its order dated 2019-02-27, directed under Para 18 for approval of the scheme, if any, filed under Section 230 of the Companies Act, 2013, which could be beneficial for revival of the Corporate Debtor. Subsequently, the Liquidator filed an application seeking direction to constitute a Committee of Creditors (CoC) to ascertain their opinion on the schemes filed by two applicants.
Servalakshmi Paper Ltd. was undergoing a CIR process but lacked a resolution plan, leading to a liquidation order on 2018-04-24. An appeal was filed, and the NCLAT directed consideration of schemes under Section 230 of the Companies Act, 2013. The Liquidator then applied to form a CoC to assess these schemes. The NCLAT had given 90 days for working out the Scheme under Section 230 of the Companies Act, 2013, which has already been expired.
Servalakshmi Paper Ltd. was ordered to be…
The Hon'ble NCLAT passed an order in the…