New Delhi, Sep 29 (PTI) Appellate Tribunal NCLAT has set aside an appeal by Future Consumer Ltd (FCL) seeking to initiate insolvency against Aussee Oats Ltd.
A two-member NCLAT bench has upheld the orders of the Mumbai bench of the National Company Law Tribunal (NCLT), which had rejected the claims of FCL, part of the debt-ridden Future Group.
FCL had claimed an amount of over ₹one crore due from Aussee Oats. It had given ₹two crore to Aussee Oats in the form of an Inter-Corporate Deposit.
According to FCL, out of the total deposit, only ₹1.35 crore has been paid, and the rest ₹65 lakh is due, which now, along with interest, totals over ₹one crore.
However, NCLT observed that the financial statement of the corporate…