Customs Broker association membership becomes mandatory in the operating jurisdiction, with exclusive membership and limited compliance-time relaxatio...
NCLAT upheld the liquidation order of the Corporate Debtor following CoC's unanimous (100%) resolution u/s 33(2) of IBC. While allegations were raised regarding forged documents in Section 7 admission and questionable conduct of Resolution Professional in claim verification, the tribunal found insufficient evidence of manipulation. The additional ledger documents from SVC Bank were deemed admissible as part of judicial record, establishing Corporate Debtor's position as co-borrower and Corporate Guarantor. Despite concerns about CoC's limited resolution efforts, NCLAT confirmed that Section 33(2) leaves minimal discretion when CoC resolves for liquidation with required majority. Given absence of assets and viable resolution options, the appeal was dismissed, affirming the Adjudicating Authority's liquidation order.
NCLAT upheld the liquidation order of the Corporate Debtor following CoC's unanimous (100%) resolution u/s 33(2) of IBC. While allegations were raised regarding forged documents in Section 7 admission and questionable conduct of Resolution Professional in claim verification, the tribunal found insufficient evidence of manipulation. The additional ledger documents from SVC Bank were deemed admissible as part of judicial record, establishing Corporate Debtor's position as co-borrower and Corporate Guarantor. Despite concerns about CoC's limited resolution efforts, NCLAT confirmed that Section 33(2) leaves minimal discretion when CoC resolves for liquidation with required majority. Given absence of assets and viable resolution options, the appeal was dismissed, affirming the Adjudicating Authority's liquidation order.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4801
Join Channel
TaxTMI 
