NCLAT sets aside NCLT order, allows Reliance Asset Reconstruction plea to initiate insolvency against Narendra Plastics : Rashtra News #NCLAT #sets #NCLT #order #Reliance #Asset #Reconstruction #plea #initiate #insolvency #Narendra #Plastics A three-member NCLAT bench headed by Chairperson Justice Ashok Bhushan set aside the order passed by the Mumbai bench of the National Company Law
The National Company Law Appellate Tribunal (NCLAT) has dismissed a plea from a UK-based subsidiary of Punjab National Bank against the approval of the sale of Sterling Biotech to US-based food technology startup Perfect Day. The Mumbai bench of the NCLT approved a Rs 638 crore bid of Perfect Day in an auction conducted by the liquidator of Sterling Biotech under the Insolvency & Bankruptcy Code.
The bench directed the two NCLAT members – Justice Rakesh Kumar (judicial) and Alok Srivastava (technical) – to appear before it on October 30. While Justice Kumar is a retired judge of Andhra Pradesh High Court, Srivastava is a former Union Law Secretary.
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