Conversion Of Corporate Debtor To Private Company Can't Be Denied On Grounds Of Pending SFIO Probe After Approval Of Resolution Plan: NCLT Mumbai

The NCLT Mumbai has ruled that "after the approval of a resolution plan," the "conversion of a corporate debtor from a public to a private company can't be denied" on the grounds of "pending SFIO investigations." The tribunal's decision provides a significant victory for the company. The ruling clarifies that a company cannot be penalized for the misdeeds of its previous management.