The National Company Law Appellate Tribunal (NCLAT) has stayed the operation of the National Company Law Tribunal’s (NCLT) order admitting an insolvency petition against Vikram Solar Ltd, providing interim relief to the solar module manufacturer and halting the corporate insolvency resolution process (CIRP) until the next hearing.
The appellate tribunal’s order effectively bars any further action by the interim resolution professional (IRP), according to a stock exchange filing by the company.
Background Of The Case
The development comes days after the NCLT’s Kolkata bench admitted a petition filed by Isitva Steels Private Ltd under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, triggering insolvency proceedings against…