Siva Industries bidder Vallal RCK to move SC after NCLAT rejects offer

NCLAT says will send company to liquidation as deadline of 330 days as per IBC Code is breached

The liquidation proceedings of Siva Industries and Holdings, a Chennai-based firm, is all set to land in the Supreme Court after the National Company Law Appellate Tribunal (NCLAT) rejected a settlement offer made by one of the shareholders, Vallal RCK.

In its order, the NCLAT said as the mandatory deadline of 330 days as per the Insolvency and Bankruptcy Code, 2016 is breached, the liquidation of the company can go ahead. “Timely liquidation is preferred over fruitless and endless resolution proceedings,” the NCLAT said in its order dated January 28th.

Earlier, nine financial creditors of the company led