Death of the company not the goal of IBC - NCLAT Chairperson SJ Mukhopadhaya

NCLAT Chairperson and former Supreme Court Judge SJ Mukhopadhaya emphasized in his special address that Inslovency and Bankruptcy Code (IBC) goal is not the death of the company rather it is the revival of the company.

For the operation process justice further commented that the aim is to keep the body that is company intact while removing the bad soul and substituting it with good soul through a change in management.

The process that would be involved for the functioning would involve discerning whether it is viable to keep the company running keeping in mind the maximization of assests and balancing the interests of all stakeholders.

The resolution plan is formed following this process and then is presented to the adjudicating officer, who is left to decide whether to accept the resolution plan to keep the company alive or to order it to be liquidated.