Liquidation of Corporate Debtor cannot be Faulted when Revival is not a Viable Option: NCLAT

The NCLAT ruled that the liquidation of a corporate debtor cannot be faulted when revival is not a viable option. The case involved a company that had entered into liquidation, and the tribunal found that no reasonable prospects for revival existed. The decision underscores the importance of pursuing liquidation in cases where revival is not feasible, providing clarity on the application of the Insolvency and Bankruptcy Code in such situations.