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Secured creditor granted permission by NCLT to stay out of liquidation process subject to certain conditions

April 24, 2019[2019] 104 taxmann.com 408 (NCLT - Mum.)
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IBC: Where liquidator filed application seeking directions to financial creditor, SBI if it wanted to opt out of liquidation, SBI was granted permission to opt out of liquidation process, however, a bar was imposed on secured creditors to sell assets of corporate debtor to disqualified persons under section 29A

IBC: Where liquidator filed application praying for direction to financial creditor opting out of liquidation to pay EPF dues of workmen, prayer was to be rejected as EPF dues are not treated as assets covered in liquidation estate

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