The Chennai Bench of the National Company Law Tribunal (NCLT) has held that Adjudicating Authority is obligated to initiate the ‘ Liquidation Process’ u/s 33(1) of the I&B Code when ‘Committee of Creditors’ rejected the resolution plan. The ‘Trivandrum International Health Services Ltd.’ who was a ‘Corporate Debtor’ was admitted into the Corporate Insolvency Resolution…
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