NCLT Rejects Extension Request for Compromise Scheme Due to Lack of Prepared Plan and Creditor Consent.

NCLT Rejects Extension Request for Compromise Scheme Due to Lack of Prepared Plan and Creditor Consent. https://www.taxtmi.com/highlights?id=70799 Liquidation of Corporate debtor - Rejection of application seeking extension of timeline as mentioned in the “Invitation for Submission of Scheme” - The Appellant has not shown any proof of a scheme of compromise and arrangement that is formulated and ready, and proposed for consideration nor has the Appellant obtained the consent of 75% of the secured creditors of the corporate debtor in support of such a scheme. - The 90 days’ timeline has already expired - NCLT rightly rejected the application - AT en-us Sat, 08 Jul 2023 08:18:44 +0530 Sat, 08 Jul 2023 08:18:44 +0530 TaxTMI RSS Generator NCLT Rejects Extension Request for Compromise Scheme Due to Lack of Prepared Plan and Creditor Consent. https://www.taxtmi.com/highlights?id=70799 Liquidation of Corporate debtor - Rejection of application seeking extension of timeline as mentioned in the “Invitation for Submission of Scheme” - The Appellant has not shown any proof of a scheme of compromise and arrangement that is formulated and ready, and proposed for consideration nor has the Appellant obtained the consent of 75% of the secured creditors of the corporate debtor in support of such a scheme. - The 90 days’ timeline has already expired - NCLT rightly rejected the application - AT Highlights Insolvency and Bankruptcy Sat, 08 Jul 2023 08:18:44 +0530 https://www.taxtmi.com/highlights?id=70799