NCLAT raps Liberty House for not pursuing ARGL resolution process

The principal bench of NCLT had also questioned Liberty House's bona fides and said that those who participate in the resolution process must be serious customers

The National Company Law Appellate Tribunal (NCLAT) on Friday came down hard on Liberty House Group Pte for not pursuing corporate insolvency resolution process after having been selected as the highest bidder for Amtek group company ARGL Limited.

“You are a failure party…all the time dragging your feet. You are in bad reputation. We will not allow you to take advantage of the appellate tribunal,”  said a two-member benched led by Chairperson Justice S J Mukhopadhaya. The appellate tribunal was hearing an application moved by Liberty House against some of the remarks made by the principal bench of the National Company