Summary
- The NCLT Delhi has permitted the immediate dissolution of M/s Vallabh Steel West Pvt. Ltd., despite outstanding recovery under Section 43 of the Insolvency and Bankruptcy Code, 2016.
- This decision follows the liquidation process initiated after Oriental Bank of Commerce's petition on July 3, 2019, with no viable resolution plan received.
- The Liquidator realized ā¹11,02,72,177 from asset sales and addressed pending recoveries through a proposed distribution mechanism.
- The ruling underscores the Tribunal's view that all regulatory requirements were met, paving the way for the Corporate Debtor's dissolution.
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