Scheme of Compromise or Arrangement under Sec 230 of Companies Act, 2013 for Companies in Liquidation

The Insolvency and Bankruptcy Code, 2016 (Code) enacted on 28th May 2016 provides for invitation of Resolution Plans from Prospective Resolution Applicants (PRAs) for revival of the corporate debtor (CD).


However, in case no resolution plans are received or approved, the Adjudicating Authority (AA) may pass an order of Liquidation under Sec 33 of the Code.

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