NCLT says Winding-Up Proceedings Cannot Defeat Corporate Revival Under IBC

Punjab National Bank sought to initiate CIRP against SVOGL Oil Gas and Energy Limited, even though winding-up proceedings had been pending since 2017 and some assets had already been sold. NCLT held that, since the winding up had not reached an irreversible stage, the company could still be considered for revival under the IBC and admitted the Section 7 petition.