The National Company Law Tribunal (NCLT), Kolkata Bench, comprising of Ms. Bidisha Banerjee (Judicial Member) and Shri Balraj Joshi (Technical Member), has rejected an application for dissolution of Corporate Debtor since the Liquidator failed to comply with requirements under Regulation 45 of IBBI (Liquidation Process) Regulations 2016. The Bench has further recommended IBBI to conduct an investigation on the conduct of the Liquidator.
Background Facts
In 2019, Venkateshwara Capital Management Ltd. (Corporate Debtor) was admitted into Corporate Insolvency Resolution Process (CIRP) by the NCLT. Thereafter, on 29.11.2019 the NCLT ordered liquidation of Corporate Debtor.
In 2022, the Liquidator filed an application under Section 54 of IBC …
Read the full article at: https://www.livelaw.in/ibc-cases/failure-of-liquidator-to-comply-with-regulation-45-of-liquidation-regulations-nclt-kolkata-rejects-application-for-dissolution-recommends-investigation-against-liquidator-243316