Liquidation under IBC

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Liquidation
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Dear Editor,

In the matter of SC Sekaran vs Amit Gupta & Ors, relying on the decisions of the Supreme Court in Swiss Ribbons Pvt Ltd & Anr v Union of India & Ors and Meghal Homes Pvt Ltd v Shree Niwas Girni KK Samiti & Ors, the National Company Law Appellate Tribunal (NCLAT) directed the liquidator to sell the assets of the corporate debtor under the terms of section 230 of the Companies Act, 2013, within 90 days. This decision started a trend in liquidation matters and similar orders have been made by the NCLAT in several other cases.

In the matter of Y Shivram Prasad v S Dhanapal & Ors, the NCLAT laid down the steps for the revival and continuance of a corporate debtor by protecting it from its management and from a death by liquidation.

This decision raised a few issues, such as whether a corporate debtor should be given another opportunity under section 230 after the liquidation order has been passed. If so, under what circumstances? Is the National Company Law Tribunal (NCLT) or the NCLAT the appropriate forum to decide if the liquidator should take steps after the liquidation order has been passed?

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