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The NCLAT allowed the appeal, set aside the Adjudicating Authority's order and directed liquidation of the corporate debtor. Relying on the resolution professional's statement that the corporate debtor lacks commercial activity and is not a going concern, the Tribunal held that a CIRP aimed at rescuing a going concern would be futile; alternatively, where the Committee of Creditors cannot be constituted, the statutorily mandated resolution mechanism cannot commence. Given the absence of a viable CoC-led resolution process and to avoid leaving the applicant remediless, the NCLAT concluded that liquidation is the sole appropriate remedy under the IBC despite the applicant being a sole related-party financial creditor.
The NCLAT allowed the appeal, set aside the Adjudicating Authority's order and directed liquidation of the corporate debtor. Relying on the resolution professional's statement that the corporate debtor lacks commercial activity and is not a going concern, the Tribunal held that a CIRP aimed at rescuing a going concern would be futile; alternatively, where the Committee of Creditors cannot be constituted, the statutorily mandated resolution mechanism cannot commence. Given the absence of a viable CoC-led resolution process and to avoid leaving the applicant remediless, the NCLAT concluded that liquidation is the sole appropriate remedy under the IBC despite the applicant being a sole related-party financial creditor.
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