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Jun 30, 2022

NCLAT Holds that Mere Common Shareholding Not Enough for Seeking Substantive Consolidation of CIRP

The National Company Law Appellate Law Tribunal (‘NCLAT’) in the case of Pani Logistics v. Sona Alloys Private Ltd. and Ors.[1], held that mere common shareholding is not enough for seeking substantive consolidation of corporate insolvency resolution process (‘CIRP’) of companies.

 

[1] Pani Logistics v. Sona Alloys Private Ltd. and Ors., (NCLAT) I.A. 2146 of 2021, Order dated April 04. 2022.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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