NCLAT set aside NCLT order on liquidation of Home Derivatives
The National Company Law Appellate Tribunal (NCLAT) on Thursday set aside an order by the NCLT's Ahmedabad bench that had directed the liquidation of Home Derivatives after rejecting the claims of the successful bidder, Garden Court Distilleries.
The National Company Law Appellate Tribunal (NCLAT) on Thursday set aside an order by the NCLT's Ahmedabad bench that had directed the liquidation of Home Derivatives after rejecting the claims of the successful bidder, Garden Court Distilleries.
The National Company Law Tribunal (NCLT) had rejected the plea of Garden Court Distilleries Pvt Ltd, the successful auction purchaser of Home Derivatives Ltd as a going concern, for implementation of the sale.
The NCLT had rejected it on the grounds that the Insolvency and Bankruptcy Board of India (IBBI) removed provisions allowing the "sale of a corporate debtor or its business as a going concern" during liquidation.
