NCLAT has set aside insolvency proceedings against Raja Udyog, citing outstanding dues below the Rs 1 crore IBC threshold. The NCLT order was challenged.
New Delhi, Aug 26 (PTI) The National Company Law Appellate Tribunal (NCLAT) has set aside insolvency proceedings against Kolkata-based Raja Udyog, observing that its outstanding dues had fallen below the Rs 1 crore threshold required under the Insolvency and Bankruptcy Code (IBC) by the time the order was passed.
A two-member NCLAT bench has set aside the order passed by the Kolkata bench of the National Company Law Tribunal (NCLT), noting that it had already repaid the entire principal of Rs 2.25 crore between June 20 and July 20, 2026 — days before the NCLT’s order — leaving only Rs…