HYDERABAD: The Telangana High Court found fault with the orders of the National Company Law Tribunal (NCLT), Hyderabad, in the matter of Viceroy Hotels Limited, arising out of Section 7 of the Insolvency and Bankruptcy Code.
A division bench suspended the orders passed by the NCLT on September 1, 2021. It may be recalled that CFM Asset Re-construction Pvt. Ltd. had submitted a bid for Rs 185 crore for the Viceroy Hotels. After accepting the bid, CFM made a request to treat investor Tolaram Inc., Singapore, as a co-applicant, for which an application was filed in the NCLT. After hearing the case in August, the NCLT reserved its orders and posted the matter for September 17. Aggrieved by the orders of the NCLT, CFM approached the High Court.