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Corporate insolvency process: NCLAT upholds liquidation, allows objections on valuation.

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....The NCLAT dismissed the appeal filed by the appellant against the NCLT order rejecting the application for recall of the liquidation order dated 13.12.2023 and continuation of the auction process by the liquidator. The NCLAT held that the grounds raised by the appellant did not fall within any recognized grounds for recalling a judgment. However, the appellant was granted liberty to file objections regarding the auction conducted by the liquidator before the NCLT while considering the application for confirmation of the auction, including issues of inappropriate valuation of assets. The NCLAT found no error in the NCLT orders and disposed of the appeals accordingly.....

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Corporate insolvency process: NCLAT upholds liquidation, allows objections on valuation.