The National Company Law Appellate Tribunal (NCLAT) has upheld the order for the liquidation of the debt -ridden syntax plastic technologies.
A two -member bench of NCLAT also rejected the argument made by the failed bidder to buy the company. In this presentation, the bidding said that the only member of the company’s committee’s committee, RBL Bank, was absent from voting despite ordering liquidation by the National Company Law Tribunal (NCLT). The NLAT said in its judgment that RBL Bank, the only member of the committee of lenders, did not vote in favor of the Samadhan Yojana presented by the appellant company Shubhalakshmi Investments. Therefore, it can be assumed that RBL has used its discretion and avoided voting. The Supreme Court has given K.K. In the Shasidhar case, the conscience used by the committee of lenders is considered important, which has been taken into consideration while giving this decision. Therefore, the demand made by the failed bidder to cancel the liquidation order on this basis cannot be accepted.
The Post Business: NCLT approves the liquidation of Syntax plastic technologies first appeared on News India Live | Breaking India News, The Indian Headline, India Express News, Fast India News.
