Allowing a section 12A plea filed by the liquidator, the Mumbai bench of the NCLT said the proposal to withdraw the petition against Prag Distillery was approved by 100 per cent votes of the Committee of Creditors (CoC).
The national company law tribunal (NCLT) has allowed the withdrawal of the liquidation proceedings against Prag Distillery Pvt Ltd, a subsidiary of Tilaknagar Industries Ltd. NCLT also allowed the reinstatement of the board of directors at Prag Distillery.
The National Company Law Tribunal (NCLT) has removed Prag Distillery from liquidation proceedings and allowed the reinstatement of the board of directors. Prag Distillery, a subsidiary of Tilaknagar Industries, had defaulted on loan repayments and filed for insolvency. After settling outstanding dues, the NCLT nullified preferential transactions and approved the withdrawal of the liquidation application. The decision allows Prag Distillery to resume management operations.