Company Update

The National Company Law Tribunal has ordered liquidation of Richa Industries Ltd. following a majority vote by financial creditors exceeding the required 66%. The tribunal found that the current Resolution Professional (RP), Arvind Kumar, failed to comply with orders by including ineligible members in the Committee of Creditors (CoC) and mishandling the insolvency process.

Consequently, Kumar has been replaced with Mr. Mohit Chawla as the Liquidator.

The Liquidator will now take over all corporate powers, initiate liquidation proceedings, and recover dues.

This marks a shift from resolution efforts to winding up, impacting stakeholders by moving towards asset realization and closure.