The National Company Law Appellate Tribunal (NCLAT) has dismissed a plea challenging NCLT's order to initiate insolvency proceedings against Aditya Estates over the claims filed by ICICI Bank UK PLC.
A three-member bench of NCLAT headed by Chairman Justice S J Mukhopadhaya upheld the order of NCLT and rejected the claims of Aditya Kumar Jajodia that ICICI Bank UK PLC was not a direct financial creditor of Aditya Estates.
The appellate tribunal said that Aditya Estates in a debt asset swap agreement had undertaken obligation to repay the loans availed by Assam Oil Company from ICICI Bank UK PLC.
"We find that ICICI Bank UK PLC has successfully made out a case that it is the financial creditor of the Corporate Debtor and the Adjudicating Authority (NCLT) has rightly admitted the application under Section 7 of I&B Code," said NCLAT.
It further added:"We find no merit in this appeal. It is accordingly dismissed."
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app