The recent order of the National Company Law Tribunal, Mumbai Bench, dated 31.07.2017 in TCP No.409/(MAH)/2017 in the matter titled as Magicrete Buildings Solutions Pvt Ltd vs Pratibha Industries Ltd, will lead banks and financial institutions into an extreme legal necessity which is almost impossible to perform. As per Section 9 of the Insolvency and…
After admitting the first resolution plan, the Hyderabad Bench of the NCLT has, in the same week, orally pronounced the first liquidation order under the Insolvency and Bankruptcy Code, 2016. VNR Infrastructures Ltd., the corporate debtor, had filed for initiation of insolvency resolution process in December 2016, under section 10 of the Code, after its…
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