{"id":253056,"date":"2021-08-21T12:00:51","date_gmt":"2021-08-21T06:30:51","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=253056"},"modified":"2021-09-10T12:03:53","modified_gmt":"2021-09-10T06:33:53","slug":"nclt","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/21\/nclt\/","title":{"rendered":"NCLT | With no prospects, substance and bleak chances of recovery, Resolution Professional seeks liquidation — With its acceptance, Nirav Modi\u2019s Firestar dooms"},"content":{"rendered":"

National Company Law Tribunal (NCLT):<\/strong> The Coram of H.V. Subba Rao (Judicial Member) and Chandra Bhan Singh (Technical Member) while allowing the application for the liquidation of the Corporate Debtor by the CoC, appointed Mr Santanu T Ray as the Liquidator as provided under Section 34(1) of the Insolvency and Bankruptcy Code, 2016.<\/p>\n

In the instant matter the Resolution Professional, Ram Ratan Kanoongo, through an application had sought for liquidation of Firestar International Limited (hereinafter referred as Corporate Debtor) under Section 33(1) read with Section 60 of the Insolvency and Bankruptcy Code, 2016. The CoC had made the following observations for taking the Corporate Debtor into liquidation without going through the Resolution Plan:<\/p>\n

    \n
  1. There are no business prospects with the Corporate Debtor;<\/li>\n
  2. There is no substance in chasing the legal suits and cases for recovery;<\/li>\n
  3. There is no point in spending good money to make efforts to recover bad money, having very remote chance of recovery;<\/li>\n
  4. The assets with the Corporate Debtor are not sufficient to repay the amounts of creditors;<\/li>\n
  5. Any resolution plan is not possible, which could enable the company to pay the entire debts.<\/li>\n<\/ol>\n

    The Tribunal while accepting the application was of the opinion,<\/p>\n

    \u201cThe reasons assigned by the applicant in the application with respect to taking the decision of liquidation of the Corporate Debtor by the CoC appears to be genuine and convincing considering the financial conditions and assets of the company\u201d<\/em>.<\/p>\n

    Also, this would be second such company to go into liquidation since February, this year.[Corporation Bank v. Firestar International Limited, 2021 SCC OnLine NCLT 362<\/b><\/a>, decided on 10-08-2021]<\/p>\n

    \n

    Agatha Shukla, Editorial Assistant has reported this brief.<\/span><\/p>\n

    \n

    For the Resolution Professional: <\/strong>Adv. Pulkit Sharma<\/p>\n","protected":false},"excerpt":{"rendered":"

    National Company Law Tribunal (NCLT): The Coram of H.V. Subba Rao (Judicial Member) and Chandra Bhan Singh (Technical Member) while allowing the <\/p>\n","protected":false},"author":67011,"featured_media":162604,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[30596,29785,12521],"class_list":["post-253056","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-corporate-debtor","tag-law","tag-nclt"],"yoast_head":"\nNCLT | With no prospects, substance and bleak chances of recovery, Resolution Professional seeks liquidation -- With its acceptance, Nirav Modi\u2019s Firestar dooms | SCC Times<\/title>\n<meta name=\"description\" content=\"NCLT\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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allows liquidation of Go First Airways","author":"Ritu","date":"January 21, 2025","format":false,"excerpt":"\u201cDecision taken by the CoC for liquidation in commercial wisdom of the CoC should not be interfered with by the Adjudicating Authority.\u201d","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"National Company Law Tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/National-Company-Law-Tribunal.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/National-Company-Law-Tribunal.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/National-Company-Law-Tribunal.webp?resize=525%2C300&ssl=1 1.5x, 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NCLAT addresses","author":"Bhumika Indulia","date":"February 22, 2022","format":false,"excerpt":"\u00a0If CIRP or Liquidation Proceeding of a Corporate Debtor is pending before a NCLT, application relating to Insolvency Process of Corporate or Personal Guarantor should be filed before same NCLT. National Company Law Appellate Tribunal, New Delhi (NCLAT): The Coram of Justice Ashok Bhushan (Chairperson) and Dr Alok Srivastava (Technical\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"NCLAT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":224562,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/01\/27\/nclat-nclts-order-directing-liquidation-of-corporate-debtor-upheld-where-resolution-applicant-was-a-related-party-and-thus-not-eligible-under-s-29-a-ibc\/","url_meta":{"origin":253056,"position":2},"title":"NCLAT | NCLT’s order directing liquidation of corporate debtor upheld where resolution applicant was a ‘related party’ and thus not eligible under S. 29-A IBC","author":"Bhumika Indulia","date":"January 27, 2020","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT):\u00a0A Bench of Justice Venugopal M., Member (Judicial) and Balvider Singh and Ashok Kumar Mishra, Members (Technical) dismissed an appeal filed against the order of the National Company Law Tribunal. Chandigarh, whereby the resolution plan submitted by the appellant was rejected and liquidation of the\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":253366,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/27\/liquidation-process\/","url_meta":{"origin":253056,"position":3},"title":"NCLT| Evaluation of CoC wisdom, beyond the purview of NCLT-Is expected \u2018just\u2019 to initiate liquidation process rather","author":"Editor","date":"August 27, 2021","format":false,"excerpt":"National Company Law Tribunal, Hyderabad Bench: The Coram of Madan B Gosavi (Judicial Member) and Veera Brahma Rao Arekapudi (Technical Member) was of the view that the pertinent case was a fit case to pass liquidation order in consonance with the commercial wisdom in terms of Section 33(1) of the\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"National Company Law Tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/10\/NCLT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":281427,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/01\/11\/corporate-debtor-default-corporate-insolvency-resolution-process-cirp-coc-liquidation-nclt-reconsider-liquidation-appeal-nclat-upheld\/","url_meta":{"origin":253056,"position":4},"title":"Adjudicating Authority is obligated to give direction for liquidation only when CoC’s decision is in accordance with IBC: NCLAT","author":"Editor","date":"January 11, 2023","format":false,"excerpt":"In the instant matter, an appeal was filed challenging NCLT's order directing the CoC to reconsider its decision. Upholding the NCLT's order, the Tribunal held that when the CoC's decision for liquidation is in accordance with IBC, then only NCLT's obligation to direct liquidation will arise.","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"NCLAT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/12\/MicrosoftTeams-image-395.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":324116,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/06\/11\/nclt-initiates-corporate-insolvency-proceedings-against-himalayan-mineral-water-scc-times\/","url_meta":{"origin":253056,"position":5},"title":"NCLT initiates corporate insolvency proceedings against Himalayan Mineral Water","author":"Ritu","date":"June 11, 2024","format":false,"excerpt":"The application is filed by Jammu and Kashmir Bank against the Himalayan Mineral Waters Private Limited for a total financial debt of Rs. 50,04,38,456\/- for the credit facilities availed by Leel Electricals.","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"National Company Law Tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/National-Company-Law-Tribunal.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/National-Company-Law-Tribunal.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/National-Company-Law-Tribunal.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/National-Company-Law-Tribunal.webp?resize=700%2C400&ssl=1 2x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/253056","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67011"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=253056"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/253056\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/162604"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=253056"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=253056"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=253056"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}