HYDERABAD: The National Company Law Tribunal (NCLT), in a rare move, decided to reject the insolvency petition filed by a corporate in the ‘interest of the nation’ despite the company and lenders pleading liquidation while claiming to have explored available options.
Rejecting the petition filed by Anrak Aluminium, a joint venture between India’s Penna Cement and Ras Al Khaimah Investment Authority (RAKIA), the NCLT’s Hyderabad bench advised it to approach government agencies to resolve the issue before initiating insolvency proceedings. Disappointed with the directives, the lenders are weighing options to contest the decision either at a higher forum or file a fresh insolvency petition under other provisions of the Insolvency an…
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