NCLT Chandigarh Approves Resolution Plan for Pala Decor; Upholds CoC’s Commercial Wisdom

Induskleed Exports Private Limited Vs Pala Decor Private Limited (NCLT Chandigarh) The National Company Law Tribunal (NCLT), Chandigarh Bench, approved the Resolution Plan submitted by Ms. Geeta Jain, the Successful Resolution Applicant (SRA), for Pala Decor Private Limited under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016 (IBC). The approval followed the recommendation of the Resolution Professional (RP), Ms. Nisha Malpani, and the Committee of Creditors (CoC) comprising Privy Capital Limited, the sole financial creditor. Background of the Case The insolvency proc...