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NCLT approves of decision of CoC for liquidation as entity wasn’t a going concern and all lenders agreed to proposal

July 10, 2020[2020] 117 606 (NCLT - Kolkata)

IBC: Where Committee of Creditors(CoC)had taken suo motu decision of liquidation of corporate debtor and it was found that corporate debtor was not a going concern and all lenders who were financial institutions having substantial stake by way of outstanding debts had also consented to proposal made by CoC and there was no lacunae or non-compliance in regard to following of process; decision of CoC to liquidate corporate debtor was to be approved

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