Liquidation Proceedings quashed when the Financial Creditor was a related Party The NCLAT Bench at Delhi quashed the liquidation proceedings against INCAB Industries Ltd., and directed to appoint another Resolution Professional. It observed that order for liquidation of the Corporate Debtor based on sole decision of related parties Financial Creditors could be fatal to its existence and when the constitution of COC itself is found to be tainted, the decision cannot be validated. With a team of Commercial Law experts, Reddy & Reddy Law Firm has extensive experience and involvement in the commercial disputes. It is involved in regular representations before NCLT, NCLAT, DRT and other tribunals in India.