The National Company Law Tribunal (NCLT) has ordered the liquidation of Overnite Express following a plea by its lender, Deutsche Bank AG, against a resolution plan submitted by a suspended board member of the debt-ridden company. This decision was made as the Corporate Insolvency Resolution Process (CIRP) had exceeded 330 days, prompting the NCLT to order immediate liquidation. Tarun Jain has been appointed as the liquidator to oversee the liquidation process in accordance with the Insolvency and Bankruptcy Code (IBC) of 2016. It’s worth noting that while the IBC typically prohibits promoters of a corporate debtor from submitting a resolution plan under the CIRP, there are exceptions made for Micro, Small, and Medium Enterprises (MSMEs). In this case, the resolution plan was submitted on the grounds that Overnite Express qualifies as an MSME under a government notification dated June 1, 2020.