NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) has stayed liquidation of Ballarpur Industries Ltd (BILT), and ordered the committee of creditors (CoC) to reconsider the revised resolution plan submitted by Finquest Financial Solutions within six weeks.
The Mumbai bench of the National Company Law Tribunal (NCLT) had on 25 January 2022 ordered liquidation of Gautam Thapar-owned BILT after the CoC rejected the only resolution plan submitted by Finquest Financial Solution, one of the financial creditors.
Staying the liquidation order, the appellate tribunal said that it is of the view that ends of justice be served in issuing direction to the CoC to reconsider the Revised Resolution Plan within a period of six weeks from today. "It goes without saying that resolution professional should convene a meeting of CoC for reconsideration of the revised plan forthwith," said the bench of Justice Alok Bhushan.
Finquest Financial, which had appealed against the liquidation order, argued before the NCLAT that while the order of liquidation was made on 25 January 2022, the order was uploaded on NCLT website only on 22 February. In the meanwhile, the resolution applicant had submitted its revised plan on 7th February.