Liquidation u/s. 33 initiated on failure to implement resolution plan

Spectra Kolors Vs Saalim Shoes Pvt Ltd (NCLT Chennai)

NCLT Chennai directs initiation of liquidation proceedings under section 33 of the Insolvency and Bankruptcy Code of the Corporate Debtor due to failure of implementing the resolution plan. Thus, the present application is allowed.

Facts- The present application has been preferred under Section 33(3) of the IB Code, 2016 r/w Section 60(5) (a) and (C) r/w Rule 11 of NCLT Rules, 2016 on account of failure of implementation of resolution plan and contravention of the terms and conditions of the Resolution P

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