https://www.taxtmi.com/caselaws?id=756040 NCLAT Chennai applied doctrine of necessity under section 60(5) of IBC 2016 to grant appellant a final opportunity to deposit balance amount into corporate debtor's liquidation account within one month. Despite appellant not challenging liquidator's appointment, tribunal exercised inherent powers with overriding effect to avoid liquidation and enable corporate debtor to become going concern. Liquidator supported appellant's contention. If deposit not made within timeframe, relaxation will lapse and liquidator may seek alternate buyer through prescribed procedure. Appeal disposed. en-us Wed, 24 Jul 2024 00:00:00 +0530 Fri, 26 Jul 2024 09:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756040 NCLAT Chennai applied doctrine of necessity under section 60(5) of IBC 2016 to grant appellant a final opportunity to deposit balance amount into corporate debtor's liquidation account within one month. Despite appellant not challenging liquidator's appointment, tribunal exercised inherent powers with overriding effect to avoid liquidation and enable corporate debtor to become going concern. Liquidator supported appellant's contention. If deposit not made within timeframe, relaxation will lapse and liquidator may seek alternate buyer through prescribed procedure. Appeal disposed. Case-Laws Insolvency and Bankruptcy Wed, 24 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756040