{"id":358372,"date":"2020-06-20T11:30:56","date_gmt":"2020-06-20T06:00:56","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=358372"},"modified":"2020-06-20T12:03:24","modified_gmt":"2020-06-20T06:33:24","slug":"nclat-overrules-bhel-objections-gives-nod-to-surana-power-liquidation","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/nclat-overrules-bhel-objections-gives-nod-to-surana-power-liquidation\/","title":{"rendered":"NCLAT overrules BHEL objections, gives nod to Surana Power liquidation"},"content":{"rendered":"<p>The National Company Law Appellate Tribunal (NCLAT) has held that the liquidation process of a company under the Insolvency and Bankruptcy Code (IBC) holds precedence over outcome of an arbitration proceeding, and therefore process under IBC shall not be stopped.<\/p>\n<p>In its judgment, a three-member Bench of NCLAT held that Bharat Heavy Electricals Limited\u2019s (BHEL) objections to liquidation of Tamil Nadu-based Surana Power were not valid as majority of secured creditors had given their consent to liquidation.<\/p>\n<p>\u201cIt would be prejudicial to stall the liquidation process at the instance of a single creditor having only 26.24 per cent share (in value), in the secured assets. The respondent (BHEL) does not hold a superior charge from the rest of the secured financial creditors in the secured assets,\u201d it said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The National Company Law Appellate Tribunal (NCLAT) has held that the liquidation process of a company under the Insolvency and Bankruptcy Code (IBC) holds precedence over outcome of an arbitration proceeding, and therefore process under IBC shall not be stopped. In its judgment, a three-member Bench of NCLAT held that Bharat Heavy Electricals Limited\u2019s (BHEL) objections to liquidation of Tamil Nadu-based Surana Power were not valid as majority of secured creditors had given their consent to liquidation. \u201cIt would be prejudicial to stall the liquidation process at the instance of a single creditor having only 26.24 per cent share (in [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130],"tags":[],"class_list":["post-358372","post","type-post","status-publish","format-standard","hentry","category-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/358372","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=358372"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/358372\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=358372"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=358372"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=358372"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}