 "SUPREME COURT")
The liquidation proceedings of Siva Industries and Holdings, a Chennai-based firm, is all set to land in the Supreme Court after the National Company Law Appellate Tribunal (NCLAT) rejected a settlement offer made by one of the shareholders, Vallal RCK.
In its order, the NCLAT said as the mandatory deadline of 330 days as per the Insolvency and Bankruptcy Code, 2016 is breached, the liquidation of the company can go ahead. “Timely liquidation is preferred over fruitless and endless resolution proceedings,” the NCLAT said in its order dated January 28th.
Earlier, nine financial creditors of the company led
In its order, the NCLAT said as the mandatory deadline of 330 days as per the Insolvency and Bankruptcy Code, 2016 is breached, the liquidation of the company can go ahead. “Timely liquidation is preferred over fruitless and endless resolution proceedings,” the NCLAT said in its order dated January 28th.
Earlier, nine financial creditors of the company led
