NCLT dismisses liquidation on failure by RP to call for bids

Varun Marwah May 16 2018

On failure by the Resolution Professional (RP) and Committee of Creditors (CoC) to fulfill their duties under the Insolvency and Bankruptcy Code (IBC), the Ahmedabad Bench of the NCLT rejected their application to liquidate a company under the moratorium.

Sunrise Polyfilms Pvt Ltd, the corporate debtor, was put under insolvency resolution process on September 12, 2017, for which public announcement was made three days later. There was, however, no invitation for submission of bids, which is the duty of the RP under Section 25(2 . . .

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