New Delhi: In a landmark decision, the National Company Law Appellate Tribunal (NCLAT) opened avenues for owners to regain control of their companies facing insolvency proceedings on Wednesday. The court said that shareholders and owners can reach a settlement with the creditors when their entity is under liquidation and an official liquidator has been appointed by the insolvency court.
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The order follows the liquidation case pertaining to Sterling Biotech. In this case, the NLCAT had set aside a bankruptcy court order to liquidate a debt-ridden company. And it had allowed promoters to regain control of the firm after making full payment to lenders.
The ruling has set a precedent and will have ramifications for promoters of companies that are facing insolvency proceedings under Insolvency and Bankruptcy Code (IBC). Legal experts are of the opinion that the move will give promoters a chance to come up with a viable plan.
Recently, Jaypee Group has expressed willingness to regain control of Jaypee Infratech. Also, insolvent Essar Steel has expressed keenness to take back its company after settling in full all debt.