The National Company Law Appellate Tribunal (NCLAT) at Delhi has set aside the insolvency proceedings against FIBC manufacturer Flexituff Technology International Ltd.
The order was passed by the Bench of Judicial Member Justice Yogesh Khanna and Technical Member Barun Mitra, The Bench observed,
“..the adjudicating authority has erroneously admitted the application under Section 9. We allow the appeal, set aside the impugned order. The Corporate Debtor is released from the rigours of CIRP and is allowed to function independently through its board of directors.”
The appeal was filed by Lalit Narware, Ex-Director of Flexituff Technology International Limited against an order of the Indore Bench of the National Company Law Tribunal (NCLT) on…