Bank of Maharashtra had moved NCLAT against the June 8, 2021 NCLT order approving the resolution plan submitted by Vedanta.
The FHRAI had sought permission for its submissions to be heard, claiming that Oyo owes its hotelier members Rs 225 crore for violation of various agreements.
The insolvency application was moved on 26 February by an ex-employee – Dinesh Gupta – who was not paid salaries for 6 months, leave encashment and gratuity totaling Rs 10.42 lakh.
The petitioner submitted that the said SOP makes it mandatory that at the time of filing, along with the e-filing receipt, a hard copy of the pleadings be filed manually at the NCLAT filing counter.
In a major victory for the Tata Group, the Supreme Court on Friday set aside the NCLAT order restoring Cyrus Mistry as the executive chairman of the conglomerate.
Reacting to the apex court order setting aside the NCLAT order, restoring Mistry as the executive chairman of the conglomerate, Tata in a tweet said, 'It is not an issue of winning or losing.'
Terming it 'unfortunate', the appellate tribunal observed that even after the lapse of 981 days and repeated compliance by the Resolution Professional, , the NCLT had not considered it.
The observation by the apex court came in its verdict on a petition challenging the order of the NCLAT which held that the informant had no locus standi to move the fair trade regulator.
During the hearing, Additional Solicitor General of India R Sankaranarayanan said that he will seek instruction on the issue from the Ministry.
Regarding the NCLAT’s March order, Salve said that the same was passed without finding prima facie market abuse.
Earlier this year, allowing the plea of the govt, the NCLT had injuncted all companies and individuals from removal, transfer or disposal of funds and properties until its further orders.
On May 17, NCLAT admitted the petition of Renaissance Steel challenging Vedanta's bid for debt-ridden Electrosteel.
Government approaches National Company Law Appellate Tribunal, seeks power to attach properties of persons involved in PNB scam
In a petition, the corporate affairs ministry has also sought to invoke powers including the removal of the management and recovery of undue gains.