The National Company Law Tribunal (NCLT) in Kolkata has dismissed an insolvency application filed by Central Bank of India against Simplex Infrastructures.
A bench comprising Bidisha Banerjee and Balraj Joshi, in an order on May 4, said the application might create larger harm to the corporate debtor (Simplex Infrastructures).
Relying on the Supreme Court’s Vidarbha Industries Power judgment that stressed upon the discretionary power of the adjudicating authority, the NCLT bench said that the case before it was a financial failure while the business model was sound in keeping with the general industry practice. Simplex is an engineering, procurement and construction (EPC) firm.
