The case involves Servalakshmi Paper Ltd., which was undergoing the 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. The liquidator then 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 CIR process but no resolution plan was available, leading to a liquidation order on 2018-04-24. An appeal was filed against the liquidation order before the NCLAT. The NCLAT directed consideration of schemes under Section 230 of the Companies Act, 2013. The liquidator filed an application to constitute a CoC to ascertain their opinion on the schemes filed by two applicants. The NCLAT had initially given 90 days for working out the scheme, but this period had expired.
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Servalakshmi Paper Ltd.…
The Hon'ble NCLAT passed an order directing…
The case involves Servalakshmi Paper Ltd., which was undergoing the 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. The liquidator then 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 CIR process but no resolution plan was available, leading to a liquidation order on 2018-04-24. An appeal was filed against the liquidation order before the NCLAT. The NCLAT directed consideration of schemes under Section 230 of the Companies Act, 2013. The liquidator filed an application to constitute a CoC to ascertain their opinion on the schemes filed by two applicants. The NCLAT had initially given 90 days for working out the scheme, but this period had expired.
Servalakshmi Paper Ltd.…
The Hon'ble NCLAT passed an order directing…