The National Company Law Appellate Tribunal (NCLAT), Principal Bench, has allowed the withdrawal of insolvency proceedings initiated against SE Transstadia Pvt. Ltd., after the lead lender Bank of Baroda, along with other financial creditors, consented to a revival plan supported by the Government of Gujarat.
The matter arose from two appeals filed by Udit Harish Seth, a suspended director of SE Transstadia, challenging the admission of a Section 7 application by the National Company Law Tribunal (NCLT) on April 8, 2024. The NCLT had allowed the initiation of Corporate Insolvency Resolution Process (CIRP) based on a plea filed by Bank of Baroda.
The main issue in the appellant’s case was the contention that the…