New Delhi, Sep 18 (PTI) The NCLT on Monday ordered the liquidation of Overnite Express after admitting the plea of its lender Deutsche Bank AG against a resolution plan submitted by a member of the debt-ridden company’s suspended board.
While the Insolvency and Bankruptcy Code (IBC) bars promoters of a corporate debtor from submitting a resolution plan under the CIRP, there is relaxation for MSMEs.
The resolution plan was submitted citing that the company is an MSME under the Corporate Insolvency Resolution Process.
A two-member bench of the National Company Law Tribunal (NCLT) ordered the liquidation…
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