The National Company Law Appellate Tribunal (NCLAT) has dismissed a plea to stay the insolvency proceedings against debt-ridden thermal power producer Indrajit Power. The appellate tribunal said “no error has been committed” by the National Company Law Tribunal (NCLT), while admitting the plea to initiate insolvency proceedings against the Maharashtra-based company on February 1, 2024, filed by Yes Bank.
The said order passed by the Mumbai bench of NCLT was challenged by Rajiv Munjal, a director from the suspended board of Indrajit Power, before the NCLAT.
However, NCLAT upheld the NCLT order observing that it admitted the insolvency plea after…
