The National Company Law Appellate Tribunal held that a claim filed during liquidation must be dealt with as per the waterfall mechanism under Section 53 of the Insolvency and Bankruptcy Code, 2016, and the NCLT cannot direct a Liquidator to make payment to any claimant directly. Justice Ashok Bhushan and Arun Baroka said: “We are of the view that when stakeholder filed a claim in...