Allowed
In the matter of G S Radiators Ltd. [Ia Nos.604 & 605-2023 in Cp(Ib) No.158-Chd-Pb-2019]
NCLTIA Nos.604 & 605-2023 in CP(IB) No.158-Chd-Pb-2019
Case brief
AI extract
What is this about?
The National Company Law Tribunal Chandigarh Bench allowed an application under Section 12A of the Insolvency and Bankruptcy Code 2016 to withdraw the Corporate Insolvency Resolution Process. Consequently, the tribunal dismissed the Corporate Insolvency Resolution Process (CIRP), lifted the moratorium, and restored the Board of Directors to their original position.
What did the court decide?
The CIRP process was dismissed as withdrawn; the moratorium under Section 14 came to an end; the corporate debtor was discharged from claims; the Board of Directors was restored.