It was pointed out that the settlement amount accepted by banks is even lower than the liquidation value of Siva Industries
NCLT Chennai has rejected the one-time settlement offer made by Siva Industries and ordered that the company will go into liquidation.
The NCLT Chennai Bench, comprising R. Sucharitha and Anil Kumar B., said in the order, The purported settlement plan proposed by the promoters of the Corporate Debtor is not a Settlement simpliciter, rather it is a Business Restructuring Plan.
As per the plan, there is no final offer made by the promoter of the corporate debtor and also the acceptance made by the CoC in this regard.
There is no finality reached between the promoter of the Corporate debtor and the CoC of the Se…
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