NCLAT admits McLeod promoter appeal, to decide on constitution of CoC

On August 6, the National Company Law Tribunal (NCLT) had admitted an application filed by Techno for initiating corporate insolvency resolution process (CIRP) against McLeod.

The National Company Law Appellate Tribunal (NCLAT) has admitted an appeal filed by McLeod Russel promoter, Aditya Khaitan, against insolvency proceedings and will decide on staying the formation of committee of creditors (CoC) after Techno Electric & Engineering, the financial creditor, files its reply.

In its order, the appellate tribunal said, “We have considered the submissions, the appeal is admitted for hearing, however, we will consider the application for stay after filing reply by the respondent.”

The order is dated Wednesday after the first hearing on Khaitan plea.

Sources close to the matter pointed out that since there was no