CoC Can Liquidate Corporate Debtor Before Resolution Plan Confirmation: NCLT Delhi

Tri-Wall Pak Private Limited Vs 5 Core Acoustics Private Limited (NCLT Delhi) Introduction: In a significant decision, the National Company Law Tribunal (NCLT) Delhi has ordered the liquidation of M/s 5 Core Acoustics Private Limited following an application by the Resolution Professional, Mr. Radhey Shyam Yadav. This ruling, under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016, highlights the authority of the Committee of Creditors (CoC) to liquidate a corporate debtor any time after its constitution and before the confirmation of a resolution plan. This case provides crucial...