Companies Monday, December 24, 2018 2:06 By VICTOR JUMA Shoppers at a Nakumatt branch. FILE PHOTO | NMG More companies sought protection from the Insolvency Act 2015 this year as their operations crumbled amid a large debt pile-up, staving off liquidation that was previously triggered by default. The firms that went into voluntary or forced…
The National Company Law Appellate Tribunal (NCLAT) on Saturday ordered a stay on the commencement of corporate insolvency proceedings against Eastern Coalfields Ltd (ECL), a subsidiary of Coal India. It may be noted that the Kolkata bench of National Company Law Tribunal had, on Wednesday, admitted the insolvency petition, filed by Gulf Oil Lubricants India…
Following NCLTs order, Coal India moved NCLAT, challenging the order. The National Company Law Appellate Tribunal (NCLAT) on Saturday stayed an order passed by the National Company Law Tribunal (NCLT) to initiate corporate insolvency resolution process against Eastern Coalfields (ECL), a subsidiary of state-run Coal India (CIL). The Kolkata bench of the NCLT on December…