The National Company Law Tribunal (NCLT) has directed Moser Baer Solar Ltd to go under liquidation, as the debt-ridden company failed to get any resolution plan from any firm within the mandated 270 days.
The principal bench of NCLT, headed by President Justice M M Kumar, has directed the company to go under the liquidation on 30 May and appointed a liquidator for the process.
Moser Baer Solar is a subsidiary of optical storage media maker Moser Baer India Ltd (MBIL), which is also facing liquidation.
NCLT directs Moser Baer Solar to go under liquidation as debt-ridden company failed to get any resolution planRepresentational image. News18.
“In the factual background and in the absence of any resolution plan and for want of time beyond statutory CIRP (corporate insolvency resolution process) period, there is no other alternative but to order for liquidation of the corporate debtor,” said the NCLT.