NCLAT stays liquidation process of IVRCL Ltd

The National Company Law Appellate Tribunal, Delhi, has stayed the liquidation process of the debt-strapped Hyderabad-based construction and infrastructure company IVRCL Ltd.

This development follows a Company Appeal Insolvency petition moved by First Global Finance Ltd in the NCLAT, seeking stay of the liquidation process on the ground that during the resolution process under the Insolvency and Bankruptcy Code, 2016 at the National Company Law Tribunal, Hyderabad, its resolution plan was not considered.

A Bench of Justice SK Mukhopadhyaya, Chairperson, Justice AIS Cheema, Member Judicial, and Kanthi Narahari, Member Technical, in its order, said: “The order of liquidation will be subject to the decision of this appeal. The liquidator will not sell or transfer or alienate moveable or immoveable property of the corporate debtor nor create any third-party encumbrance on the same, without prior approvals of the Appellate Tribunal.”