NCLAT overrules NCLT’s liquidation order for Prabhat Technologies, citing natural justice violations in the case | Image Source: Wikipedia (Representative)
Mumbai: The National Company Law Appellate Tribunal (NCLAT) has set aside an order of the Mumbai bench of the National Company Law Tribunal (NCLT) that had directed liquidation of Prabhat Technologies (India) Ltd. The appellate tribunal observed that the NCLT passed the order without giving the resolution applicants an opportunity to be heard, thus violating principles of natural justice.
The appeals were filed by Essar (India) Ltd and a group of three individual applicants, including Mr. Parag Malde, who had submitted a…
