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Is The Liquidation Process Under The IBC Yet Another Pandora’s Box?
You thought insolvency had twists, wait till you hear about liquidation.
19 Feb 2019, 01:37 PM IST
Reid & Taylor Ltd., the company that claimed to have been styling the elite since the 1970s, will be liquidated following the orders of the National Company Law Tribunal. The order came after multiple attempts by the tribunal to allow new entities to bid for the company, even beyond the 270-day deadline for resolution mandated under the Insolvency and Bankruptcy Code.In the end, the bench said:
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