Liquidation under IBC can be ordered in Absence of Pending CIRP: NCLAT

The NCLAT has ruled that "liquidation under IBC can be ordered in the absence of a pending CIRP." The tribunal's decision, which is a significant victory for the government, was made on the grounds that the company's claim was not supported by evidence. The ruling clarifies that a company can be held responsible for the misdeeds of another person. The court’s decision is a crucial reminder to all that they must be diligent in their dealings.