Appellant claims that the Liquidator instead of reviving the Company through Settlement sought to close the business of the Company

Last updated: 10 May 2021
Quick Summary
An appeal was lodged against the liquidator of Hind Motors India Ltd. The appellant, a former director, argued that the liquidator should have pursued company revival through settlement under Section 230 of the Companies Act, 2013, rather than proceeding with the closure of the business. The liquidator's decision to sell off company assets, such as spare parts, was challenged, leading to a rejection of the appellant's application by the Adjudicating Authority.

Court :
NCLAT

Brief :
The Company Appeal (AT) (Ins.) No. 875 of 2019 relates to Liquidation Proceedings against Corporate Debtor M/s. Hind Motors India Limited. The Appellant is promoter and director of the said Company. It is stated that the Company was engaged in sale and service of cars and has certain immovable assets as well as plant and machinery and stock of spare parts of cars.

Citation :
Company Appeal (AT) (Insolvency) No. 875 of 2019

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