It was hearing an appeal by Axis Finance and IDBI Bank who have challenged the merger in the tribunal. The next hearing has been listed for January 8, 2024.
In 2022, the National Company Law Appellate Tribunal (NCLAT) had rejected a plea filed by the promoter of Satra Properties and upheld the ruling of the NCLT Mumbai bench to admit the company under the corporate insolvency resolution process (CIRP).
The seventh entry of the Securities Laws series by Trilegal addresses how this question arose and came to be conclusively addressed by the NCLAT in its recent judgment.