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 of corporate debtor Overnite Express ”with immediate effect” as a time frame of more than 330 days of the Corporate Insolvency Resolution Process (CIRP) ha…
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