The National Company Law Appellate Tribunal (NCLAT) has allowed the resolution professional to form a committee of creditors (CoC) of Nirmal Lifestyle (Kalyan) and proceed with the corporate insolvency resolution process (CIRP) against the company.
The tribunal said the CoC may take a call regarding finding out ways and means to complete the stalled projects of Nirmal Lifestyle (Kalyan). With the approval of the CoC, the resolution professional may take steps to obtain interim finances to complete the projects.