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The creditor, Chevrox Constructions, informed the appellate tribunal that it had received the entire debt amount from the government company, Bridge and Roof. In light of this, the NCLT order was set aside.
The Kolkata bench also clarified that even though Bridge and Roof was a government-owned company, it fell under the purview of the IBC.
When it comes to proposals to withdraw CIRP, it is not enough to only count the opinion of the majority of homebuyers, the NCLAT held.
The Court said that since the commercial wisdom of the CoC is placed on the highest pedestal, it is necessary that the decision-making process is infused with safeguards.
The NCLT Ahmedabad recently clarified that contributions due from a company to the Employees State Insurance Corporation (ESIC) do not fall under the category of “workers dues” under the IBC.