CoC under IBC can Liquidate Corporate Debtor any Time after its Constitution or Before Resolution Plan is Confirmed: NCLT [Read Order]

The bench held that the CoC holds wide powers to decide on liquidation, even immediately after its constitution, subject to compliance with the statutory scheme.
By Yogitha S. Yogesh - On June 15, 2024 12:36 pm - 2 mins read
NCLT - CoC - IBC - Insolvency and Bankruptcy Code - Committee of Creditors - National Company Law Tribunal - taxscan

The Delhi bench of the National Company Law Tribunal has held that the Committee of Creditors ( CoC ) under the Insolvency and Bankruptcy Code, 2016 ( IBC ) can decide to liquidate the Corporate  Debtor, any time after its constitution and before confirmation of the resolution plan. The Applicant submitted that the Adjudicating Authority…

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