New Delhi, June 30: Appellate tribunal NCLAT has set aside an NCLT order directing the initiation of insolvency proceedings against Vikram Solar, noting that the operational debt involved was below the minimum threshold of Rs 1 crore prescribed under the Insolvency and Bankruptcy Code (IBC).
A two-member bench of the National Company Law Appellate Tribunal (NCLAT) also directed refund of Rs 91,98,556/- deposited by Vikram Solar, the entire admitted operational debt claimed by its creditor Isitva Steels.
Moreover, the bench comprising Justice Yogesh Khanna and Technical Member Naresh Salecha, also said “settlement, if any, can be adverted to between the parties.” The NCLAT direction came during the hearing on Monday, which contended…