Case Law Analysis
|National Company Law Appellate Tribunal
Section 33(1)(a) IBC | Liquidation Mandatory When Promoter Fails Settlement Commitments & CoC Cooperation : NCLAT Chennai
NCLAT Chennai upholds liquidation under Section 33(1)(a) of the IBC, ruling that repeated failure to honor settlement proposals and non-cooperation with the Committee of Creditors (CoC) justifies bypassing resolution efforts. The judgment reinforces that liquidation is a last resort but becomes binding when promoters undermine the Corporate Insolvency Resolution Process (CIRP).