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“As the strength of the members of the NCLT and NCLAT is depleting which would be detrimental to the smooth functioning of the Tribunals, we direct the Government to complete the process at the earliest and not later than two months,” the apex court said in the order.
But, this does not debar the insolvency court in Mumbai to pronounce its decision on the resolution plan submitted by the Piramal group, which was already approved by lenders and the Reserve Bank of India.
But, this does not debar the insolvency court in Mumbai to pronounce its decision on the resolution plan submitted by the Piramal group, which was already approved by lenders and the Reserve Bank of India.
Synopsis
The company’s liquidator had approached the Ahemadabad bench of the National Company Law Tribunal (NCLT) to declare certain transactions carried out by the former management of over Rs 46.53 crore as void for allegedly selling certain goods below market price.
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Mumbai: Any transaction carried out during a normal course of business can’t be termed as an undervalued transaction without any evidence.
The dedicated bankruptcy court has held in the case of the country’s third-largest manufacturer of aluminium foils and sheets,
Gujarat Foils Ltd (GFL) that a transaction can’t be termed an undervalued transaction if the former management sells goods at the below market price, in the normal course of business.