Corporate Debtor Liquidation Justified as CoC Abstains from Resolution Plan Vote

Subh Laxmi Investment Advisory Pvt. Ltd. Vs Committee of Creditors of Sintex Plastics Technology Ltd. & Ors. (NCLAT Delhi) NCLAT Delhi held that order for liquidation of corporate debtor justified since Committee of Creditors [CoC] exercised its commercial wisdom and chose to abstain from voting for resolution plan. Thus, abstaining from voting for resolution plan resulted into expiry of CIRP period and led to liquidation. Facts- This appeal is filed by the Unsuccessful Resolution Applicant against the order 03.05.2024 passed by the National Company Law Tribunal, Ahmedabad, Division Bench,...