The purpose of this article is to analyse the recent NCLAT
order in the case of Jindal Steel and Power Limited v. Arun Kumar
Jagatramka & Gujarat NRE Coke Limited (Company Appeal
(AT) No. 221 of 2018). This article shall attempt to analyse and
discuss the implication of the said order with respect to companies
undergoing liquidation.
Factual Background
The Appellant Jindal Steel and Power Limited filed the appeal
under section 421 of the Companies act, 2013(hereinafter referred
to as Companies Act) against the order of National Company Law
Tribunal (hereinafter referred to as NCLT), Kolkata Bench, whereby
the tribunal allowed application of compromise and arrangement
during the liquidation process as per Section 230-232 of Companies
Act, filed by Promoter between himself and the corporate debtor.
The Gujarat NRE coke Limited (Corporate Debtor) filed an
application in NCLT for Corporate Insolvency Resolution Process as
per Section 7 of Insolvency and Bankruptcy Code
