The Kolkata Bench of the National Company Law Tribunal (NCLT) has refused to consolidate the corporate insolvency resolution processes (CIRPs) of Sarita Steel & Power Limited and Ankit Metal & Power Limited, holding that Ankit Metal’s resolution process had already reached an advanced stage with multiple plans evaluated.
“The assets are interconnected, but the CIRP of Ankit Metal has reached an advanced stage with multiple resolution plans already evaluated. The CIRP of Sarita Steel is yet to progress much, or maybe it is getting deliberately delayed,” the tribunal observed.
The bench of Judicial Member Bidisha Banerjee and Technical Member Siddharth Mishra was dealing with an application filed by the suspended board of Sarita…