NCLAT Dismisses Siva Industries appeal against NCLT on its Liquidation

The National Company Law Appellate Tribunal (NCLAT) Chennai has dismissed entrepreneur Sivasankaran, founder of Siva Industries appeal against the National Company Law Tribunal (NCLT) order on liquidation of Siva Industries. NCLAT in the order said, “this Tribunal comes to a resultant conclusion that the Adjudicating Authority had rightly come to the legitimate and reasonable conclusion that the Corporate Debtor was

NCLT orders liquidation of Siva Industries, rejects proposal to withdraw company from IBC

The National Company Law Tribunal (NCLT), Chennai, has rejected the debt settlement proposal of Siva Industries and Holdings Ltd that was earlier approved by its lenders. The court also ordered Siva Industries’ liquidation in an order on August 13,2021. The NCLT rejected the proposal terming it a “business restructuring plan” rather than a settlement envisaged under section 12 A of