CIRP Terminated as Corporate Debtor Funds Cover CoC Claims – NCLAT Delhi

Rajputana Constructions Pvt. Ltd Vs Rajasthan Land Holdings Limited (NCLAT Delhi)

NCLAT Delhi held that continuing Corporate Insolvency Resolution Process [CIRP] not justified as Corporate Debtor has sufficient funds to discharge the admitted claims of CoC. Thus, adjudicating authority rightly terminated CIRP of Corporate Debtor.

Facts- The present set of two appeals filed under Section 61 of Insolvency and Bankruptcy Code 2016 by the Appellants arises out of a common Order dated 20.04.2023 passed by the Adjudicating Authority (National Company Law Tribunal,

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