NCLT clarifies the scope of section 10 of the IBC

In the case of SBM Paper Mills, which had initiated its own Corporate Insolvency Resolution Process under section 10 of the IBC, the NCLT had an occasion to deliniate the scope of section 12A which allowed for closure of the insolvency process through withdrawal of the proceedings.

I had the opportunity to appear for the Corproate Debtor and succesfully sought a closure of the insolvency resolution process.

This was reported, amongst other places, at https://www.bloombergquint.com/law-and-policy/nclt-takes-a-detour-from-ibc-for-a-workable-solution-in-sbm-paper-mills-case