NCLT Directs Liquidation After 741-Day CIRP Expires Without Approved Resolution Plan

Advertisement State Bank of India Vs Tradco Deesan Private Limited (NCLT Mumbai) The National Company Law Tribunal (NCLT), Mumbai Bench, considered an application filed by the Resolution Professional of Shri Tradco Deesan Private Limited seeking initiation of liquidation proceedings under Section 33(1) of the Insolvency and Bankruptcy Code, 2016 (IBC). The Corporate Debtor had been admitted into Corporate Insolvency Resolution Process (CIRP) on 15 February 2023. Although the admission order was initially stayed by the NCLAT on appeal by the suspended Board of Directors, the stay was later v...