The NCLT Mumbai bench comprising B.M. Mohan and V. Nallasenapathy ruled that the investors have failed to satisfy their networth before the NCLT and hence there are no options left but to order the liquidation of the company, preferably as a going concern.
The ruling came after several investors proposed by the Employees Association and other bidders in the past few months failed to satisfy the basic criteria to take over the company.
"We call upon the registrar and Resolution Professional (RP) to put in their best efforts to ensure that the company is sold as a going concern," the NCLT Mumbai Bench said in their oral order this evening.
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