The National Company Law Appellate Tribunal (NCLAT) has set aside the bankruptcy case against Essar Oil and Gas Exploration and Production Ltd (EOGEPL), a subsidiary of Essar Group.
An NCLAT bench led by chairperson Justice Ashok Bhushan overturned the National Company Law Tribunal (NCLT) order, based on a petition from Greka Green Solutions (India) Ltd, which claimed it was owed ₹24.38 crore (about $2.96 million). On 10 September 2024, NCLAT had passed an interim order staying the NCLT ruling.
The Ahmedabad bench of the NCLT had admitted the insolvency plea against EOGEPL on 6 September 2024, and appointed Mohit Bipinchandra Adatiya as the interim…
