NCLAT rules consolidation of CIRPs not equity jurisdiction; allows plea for consolidated resolution of Regen Powertech

NCLAT Chennai set aside an order of the NCLT that had dismissed the petitions consolidation and simultaneous Corporate Insolvency Resolution Process.
NCLAT Chennai
NCLAT Chennai

Consolidation of Corporate Insolvency Resolution Process (CIRPs) is not an exercise of equity jurisdiction but a legal principle intended to maximise the value of assets, the National Company Law Appellate Tribunal (NCLAT) held while allowing the consolidation and simultaneous CIRP of corporate debtors of the defunct wind turbine manufacturer Regen Powertech Pvt Ltd and its wholly-owned subsidiary Regen Infrastructure and Services.

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