NCLT Kolkata Bench dismisses Solex Chemicals' application to initiate a Pre-Packaged Insolvency Resolution Process (PPIRP).
The application was rejected as the Base Resolution Plan was submitted by a third party, Aditya Auto Industries Overseas Limited, not the corporate debtor.
Solex Chemicals, an MSME, had defaulted on total operational debts of ₹14.99 lakhs owed to six unrelated creditors.
The tribunal ruled the third-party submission contravened Sections 54A and 54K of the Insolvency and Bankruptcy Code, 2016.