The Mumbai Bench of the National Company Law Appellate Tribunal (NCLAT) directed the National Company Law Tribunal (NCLT) to consider a third party intervention plea for alleged collusion between the financial creditor and the corporate debtor in a Section 7 insolvency proceedings.
Sant Eknath Co-operative Sugar Factory Ltd. was not a party to the Section 7 proceedings filed by Buldana Urban Cooperative Credit Society Ltd. against Sachin Ghayal Sugar Pvt. Ltd. before the NCLT, Mumbai Bench. The appellant had entered into a Collaboration Agreement with Sachin Ghayal Sugar in 2015.
The Definitive Practical Guide to Foreign Asset Disclosure. Click here
Under the agreement, Sachin Ghayal Sugar was to manage and operate the sugar…