Scheme of Arrangement U/S 230 Not Allowed Post E-Auction of Corporate Debtor

Narottamka Trade & Vyapaar Pvt. Ltd. Vs SPP Insolvency Professionals LLP (NCLAT Chennai) Considering Scheme of Arrangement u/s. 230 not permitted after process of e-auction sale of Corporate Debtor NCLAT Chennai held that after finalization of process of e-auction sale of Corporate Debtor, it cannot be permitted to consider Scheme of Arrangement proposed under section 230 of the Companies Act. Facts- M/s. Kamachi Industries [Corporate Debtor] was admitted into Corporate Insolvency Resolution Process (CIRP) on an application u/s. 7 of I & B Code, 2016, filed by State Bank of India on ac...