New Delhi: The National Company Law Appellate Tribunal (NCLAT) has restored an appeal by Walchandnagar Industries challenging the dismissal of its insolvency petition against Swaraj India Agro and has issued notice.
The appeal was restored following a July 28 Supreme Court order that set aside the NCLAT’s earlier dismissal of Walchandnagar’s insolvency appeal and restored it to its original status, subject to payment of Rs 2 lakh.
On May 11, NCLAT had dismissed an appeal filed by Walchandnagar against Swaraj India, refusing to condone a 193-day delay in refiling it. The appellate tribunal held that the company had failed to provide sufficient grounds to justify the delay.
This NCLAT order was challenged by Walchandnagar Industries, a heavy…