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) has alr…
Read the full article at: https://www.business-standard.com/companies/news/nclt-orders-liquidation-of-overnite-express-with-immediate-effect-123091801227_1.html