NCLT Orders Liquidation Because CoC Rejected Sole Resolution Plan During CIRP

Punjab National Bank Vs Aabha Industries Limited (NCLT Chandigarh) Failure of Resolution Plan Approval Leads to Liquidation Order by NCLT Chandigarh; Arbitral Award Cannot Override IBC Moratorium During CIRP; NCLT Directs Handover of Factory Premises Because Arbitral Award Execution Was Hit by Moratorium; Resolution Professional Entitled to Take Custody of Corporate Debtor Assets Despite Earlier Arbitral Award. The NCLT Chandigarh allowed an application filed by the Resolution Professional of Aabha Industries Limited under Section 33(2) of the Insolvency and Bankruptcy Code, 2016 and ordered l...