Kirloskar Industries is controlled by younger brothers Atul and Rahul Kirloskar, while Kirloskar Brothers Ltd is majority owned by Sanjay Kirloskar. Kirloskar Industries owns a 23.91% stake in Kirloskar Brothers, while Atul and Rahul Kirloskar own 0.59% and 0.51%, respectively.
Kirloskar Industries has filed a fresh affidavit disputing statements made by Kirloskar Brothers in a recent affidavit regarding a six-year-old case between the factions. The matter will be heard by the NCLT on Monday.
In its appeal, Torrent Investment said the matter is pending with the Supreme Court and if the tribunal approves IIHL s Rs 9,650 crore resolution plan it will become infructuous if the apex court rules against the Committee of Creditors (CoC) decision on the extended challenge mechanism. However, the counsel for the administrator said, the apex court did not stay the proceedings on NCLAT s order on the extended challenge mechanism.
The appellant sought temporary bail pending final hearing of his appeal against his life imprisonment and conviction for procuring arms to strike terror attacks in various parts of Maharashtra.