NCLT orders liquidation of Gujarat NRE Coke

The National Company Law Tribunal, Kolkata Bench, ordered liquidation of Gujarat NRE Coke on a slump-sale basis on Thursday. The resolution professional for the Corporate Insolvency Resolution Process, Sumit Binani, has been appointed the liquidator. In case of any difficulty, Binani would be guided by the monitoring committee, which comprises erstwhile members of the committee of creditors. Sources pointed out that normally a company is discharged overnight. Liquidation on a slump-sale was being done so that it is sold as a going concern. On the one hand, it is likely to fetch higher prices, while on the other, the livelihoods of 1,178 workers on the company's payrolls would be protected.