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NCLAT directs liquidation of KS Oils, pulls up NCLT for lapse of 981 days

NCLAT directs liquidation of KS Oils, pulls up NCLT for lapse of 981 days
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Last Updated: Mar 17, 2021, 05:25 PM IST
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Synopsis
The National Company Law Appellate Tribunal (NCLAT) has directed to initiate liquidation process of leading integrated edible oil company K S Oils Ltd and set aside an NCLT order passed against it.
The National Company Law Appellate Tribunal (NCLAT) has directed to initiate liquidation process of leading integrated edible oil company K S Oils Ltd and set aside an NCLT order passed against it. Terming it unfortunate , the appellate tribunal observed that even after the lapse of 981 days and repeated compliance by the Resolution Professional to initiate the liquidation process, the NCLT had not considered it. ....

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NCLAT orders KS Oils liquidation; raps NCLT for lapse of 981 days

NCLAT orders KS Oils liquidation; raps NCLT for lapse of 981 days
March 17, 2021
The insolvency resolution was initiated by the NCLT on 2017 - Getty Images/iStockphoto×
‘Delay in resolution defeats purpose of Insolvency Code’
The National Company Law Appellate Tribunal (NCLAT) has directed initiation of liquidation process of leading integrated edible oil company KS Oils Ltd and set aside an National Company Law Tribunal (NCLT) order passed against it.
Terming it “unfortunate”, the appellate tribunal observed that even after the lapse of 981 days and repeated compliance by the Resolution Professional to initiate the liquidation process, the NCLT had not considered it. A two-member NCLAT Bench headed by Acting Chairperson Justice BL Bhat allowed the appeal filed by the Resolution Professional (RP) saying the “fitness of the situation” allows initiation of liquidation of the corporate debtor KS Oils. ....

Madhya Pradesh , Kuldeep Verma , Supreme Court , National Company Law Tribunal , Apex Court Judgments , Committee Of Creditors , National Company Law Appellate Tribunal , Ks Oils Ltd , Resolution Professional , Acting Chairperson Justice , Indore Bench , Bankruptcy Code , Resolution Applicant , Adjudicating Authority , Appellate Tribunal Judgments , Appellate Tribunal , Ks Oils , மத்யா பிரதேஷ் , குல்தீப் வெர்மா , உச்ச நீதிமன்றம் , தேசிய நிறுவனம் சட்டம் தீர்ப்பாயம் , உச்சம் நீதிமன்றம் தீர்ப்புகள் , குழு ஆஃப் கடன் வழங்குநர்கள் , தேசிய நிறுவனம் சட்டம் மேல்முறையீடு தீர்ப்பாயம் , க்ச் எண்ணெய்கள் லிமிடெட் , தீர்மானம் ப்ரொஃபெஶநல் ,