CoC decision to liquidate accepted as Corporate Debtor has no assets: NCLAT Delhi

Amrit Rajani Vs Pegasus Assets Reconstruction Private Limited (NCLAT Delhi) NCLAT Delhi held that CoC decision to liquidate the Corporate Debtor is acceptable as corporate debtor has no assets and thus CIRP Period only implies zero returns. Thus, adjudicating authority order accepting liquidation upheld. Facts- M/s Pegasus Assets Reconstruction Private Limited, the Financial Creditor, is the Respondent No. 1 herein, who filed an application u/s. 7 of the Code for initiating Corporate Insolvency Resolution Process (‘CIRP’) against Shri Balaji Entertainments Pvt Ltd (“Corporate Debtor”) ...