The creditor, Chevrox Constructions, informed the appellate tribunal that it had received the entire debt amount from the government company, Bridge and Roof. In light of this, the NCLT order was set aside.
Kesoram Industries appeal against the National Company Law Appellate Tribunal s Kolkata ruling rejected its claim of being a financial creditor of Birla Tyres Ltd. The tribunal ruled that Kesoram failed to prove the transaction was a deposit or loan, and therefore, the adjudicating authority did not commit any error in rejecting the appellant s application.
The NCLT has orally pronounced an order on August 11 approving the resolution plan submitted by NARCL with respect to the corporate insolvency resolution process of the companies, SIFL said in the regulatory filing on Friday. "A detailed disclosure shall be made upon the written order being made available which shall inter alia contain the details on the treatment of existing securities of the corporate debtors under the approved resolution plan, as required under the Listing Regulations and the Guidance," it said.