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ARTICLE · 24 MAY 2022

Between The Lines... May, 2022

Vaish Associates Advocates
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The National Company Law Tribunal, Kolkata ("NCLT") has in its order dated April 6, 2022, in the matter of CFM Asset Reconstruction Private Limited v. S. S. Natural Resources Private Limited and Another...

IndiaCorporate/Commercial Law
Simrann Venkkatesan
Simrann Venkkatesan
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Article by Vijay Pal Dalmia, Advocate, Supreme Court of India and Delhi High Court, Partner & Head of Intellectual Property Laws Division, Vaish Associates Advocates, India

The National Company Law Tribunal, Kolkata ("NCLT") has in its order dated April 6, 2022, in the matter of CFM Asset Reconstruction Private Limited v. S. S. Natural Resources Private Limited and Another [IA No. 538/KB/2021 in CP (IB) No. 349/KB/2017] held that a corporate debtor cannot be sent into liquidation just because liquidation value is more than the value of the resolution plan.

Facts

Ramsarup Industries Limited ("Corporate Debtor") was admitted into corporate insolvency resolution process ("CIRP") under Section 10 of the Insolvency and Bankruptcy Code, 2016 ("IBC"). Subsequently, the resolution plan submitted by S. S. Natural Resources Private Limited ("SRA/ Successful Resolution Applicant") was approved by the committee of creditors ("CoC") and the adjudicating authority. Upon

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