NCLAT Fines Prospective Resolution Applicant Rs 15 Lakh For Obstructing Insolvency Process, Turning It Into A “Tom & Jerry Show"

The National Company Law Appellate Tribunal (NCLAT) at New Delhi on Tuesday imposed a cost of Rs. 15 lakh on Astral Agro Ventures, a Prospective Resolution Applicant (PRA), for obstructing the Corporate Insolvency Resolution Process (CIRP) of Megi Agro Chem Ltd. The tribunal observed that the insolvency resolution process “cannot be reduced to a Tom & Jerry show” where a PRA, who...