NCLT says Liquidation Follows CoC Decision to Abandon Resolution

Mudra Denim's CIRP commenced in October 2022 following a Section 9 application. After multiple EOI rounds, three resolution plans were received, but the applicants failed to deposit the required ₹1 crore EMD and the CoC declined to relax the RFRP conditions. With the plans rejected as non-responsive, the CoC resolved with 99.89% voting share to initiate liquidation, which NCLT subsequently ordered under Section 33(2).