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Scheme of compromise and arrangement found to be beneficial to related creditors hence liquidation sustained
Case Law Details
- Case Name
- Bankey Bihari Infrahomes Pvt. Ltd Vs Alok Kumar Kuchchal (NCLAT Delhi)
- Appeal Number
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- Date of Judgement/Order
- Only available for paid members
- Courts
- NCLAT
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Bankey Bihari Infrahomes Pvt. Ltd Vs Alok Kumar Kuchchal (NCLAT Delhi)
NCLAT Delhi held that scheme of compromise and arrangement is found to inflate the total payments by provisioning payment to creditors who are related to corporate debtor. Hence, impugned order allowing the Liquidator to proceed with the e-auction and not allowing any more time for consideration of the scheme proposed under section 230 of the Companies Act, 2013 is sustainable.
Facts-
Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor Ratandeep infrastructure Pvt. Ltd....
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