The National Company Law Appellate Tribunal (NCLAT) has rejected a plea challenging Nuvoco Vistas Corporation’s acquisition of Vadraj Cement during the insolvency resolution process, upholding the order of the National Company Law Tribunal’s (NCLT) Mumbai bench, according to a report by news agency PTI.
A two-member bench of NCLAT led by Chairperson Justice Ashok Bhushan and Member (Technical) Barun Mitra dismissed an appeal filed by an employee representative of Vadraj Cement, who had objected to the resolution plan citing issues over gratuity dues.
In April this year, NCLT had cleared Nuvoco Vistas’ resolution plan, which involved an upfront payment of ₹1,800 crore. Nuvoco, the cement business of the Nirma…