No Appeal u/s 61 of IBC Maintainable after Dissolution of Corporate Debtor: NCLAT

The National Company Law Appellate Tribunal (NCLAT) ruled that no appeal under Section 61 of the Insolvency and Bankruptcy Code (IBC) is maintainable after the dissolution of the corporate debtor. The decision came in a case where the corporate debtor was dissolved after completing the liquidation process. The appellant sought to appeal the NCLT’s order even after dissolution. NCLAT emphasized that once a corporate debtor is dissolved, the legal framework surrounding it ceases to exist, thus rendering the appeal invalid. The ruling clarified that liquidation must conclude in accordance with the Code, with no scope for appeal post-dissolution, as the debtor no longer exists as a legal entity.