Mumbai: Innoventive Industries has challenged the interim resolution professional’s (IRP) proposal to liquidate the company at the National Company Law Tribunal (NCLT) on grounds that three of its 21 lenders are creating hurdles in reviving the company.
Innoventive Industries was the first case referred to the tribunal by ICICI Bank after the new Insolvency and Bankruptcy Code was enacted.
When the case was admitted, the company challenged it on the grounds that the new law violated the principles of natural justice since the borrower did not get an opportunity to be heard by the court.
The plea was rejected by the National Company Law Appellate Tribunal as well as the Supreme Court.
At the end of 270 days, resolution professional…
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