Alerts & Updates 9th Sep 2018
The National Company Law Tribunal, Kolkata Bench (“NCLT”), in the case of Sreerampur Ispat Private Limited vs Bajoria Steel & Re-rolling Mills Private Limited, in its order dated 21 March 2018 (available here), ordered the liquidation of Bajoria Steel & Re-rolling Mills Private Limited (“Corporate Debtor”) because of the non – cooperation by the Corporate Debtor, financial creditors and operational creditor with the resolution professional (“RP”) in the corporate insolvency resolution process (“CIRP”) of the Corporate Debtor which in turn resulted in the expiry of the maximum time period permitted for the completion of the CIRP.
In light of the above, the NCLT passed an order for the Corporate Debtor to be liquidated and appointed the RP as the liquidator.