Tribunal Confirms Liquidation, Rejecting Reliance Realty’s Appeal
In a major setback for Reliance Realty Limited, the National Company Law Appellate Tribunal (NCLAT) has upheld the National Company Law Tribunal’s (NCLT) order directing the company’s liquidation. The appellate body dismissed the firm’s appeal against the earlier ruling, confirming that the resolution process had failed and liquidation was the appropriate course under the Insolvency and Bankruptcy Code (IBC).