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NCLAT sets aside resolution plan approved by NCLT as it didn't provide for revival but for closure of corporate debtor

May 15, 2019[2019] 106 122 (NCL-AT)

IBC: Where resolution plan approved by Adjudicating Authority provides for closure of corporate debtor and retrenchment of workmen of corporate debtor, same being against scope and intent of I & B Code, is in violation of section 30(2)(e) and thus, that part of resolution plan which provides for closure of corporate debtor is to be set aside

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