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Appellate Tribunal Confirms Liquidation Due to Asset Absence; Promoters Lack Standing to Challenge Order.

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....Validity of order of liquidation of the Corporate Debtor - The Appellate Tribunal concluded that the unanimous decision of the CoC to liquidate the Corporate Debtor, considering the lack of assets and the cancellation of the main leasehold asset, was appropriate. The Appellants, being promoters/shareholders, did not have the locus standi to challenge the liquidation order.....

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Appellate Tribunal Confirms Liquidation Due to Asset Absence; Promoters Lack Standing to Challenge Order.