NCLT orders liquidation after 91.75% CoC approval and no resolution plan
In short
NCLT ordered liquidation after the insolvency process did not produce a resolution plan.
The Committee of Creditors had approved liquidation with 91.75% support, and NCLT also refused to appoint the RP as liquidator under amended IBC rules. The reporting does not name the company or give more case details.
What the reporting says
NCLT ordered liquidation after the CIRP failed to produce a resolution plan, following 91.75% Committee of Creditors approval, according to the Taxscan summary. The report also says the tribunal rejected appointing the RP as liquidator under amended IBC provisions. The immediate consequence is a liquidation process, while the company name and other case details are not stated in the available reporting.
Why it matters
NCLT’s liquidation order follows a failed CIRP and 91.75% approval from the Committee of Creditors, based on the summary. The decision matters for creditors, the resolution professional, and the distressed company because the process moves from resolution to liquidation. The reporting does not identify the company or explain why the tribunal rejected the RP’s appointment under the amended IBC provisions.