NCLT orders liquidation of Gujarat NRE Coke on slump sale basis

NCLT-appointed liquidator will first try to dispose off the company as a 'going concern' in a bid to save jobs of the 1,178 employees

The National Company Law Tribunal, Kolkata Bench, has ordered liquidation of Gujarat NRE Coke on a slump sale basis. The order was passed on Thursday.

The resolution professional for the Corporate Insolvency Resolution Process (CIRP), Sumit Binani, has been appointed the liquidator. In case of difficulty in the process of liquidation, Binani will be guided by the decision of the monitoring committee which comprises erstwhile members of the committee of creditors.

Sources pointed out that normally a company is discharged overnight. So it is first shut down and then sold. Liquidation on a slump sale was being done so that it is