 "gavel, Insolvency, IBC, firms")
The National Company Law Appellate Tribunal (NCLAT) on Friday set aside the insolvency proceedings against Ansal Properties and Infrastructure Ltd and ruled that the management of the company be handed over back to its board.
A three-member NCLAT bench observed that a decree-holder cannot be treated as financial creditor for the purpose of triggering insolvency proceedings against a company.
Generally, a decree is an official order issued by an authority concerned.
The appellate tribunal set aside the orders of the Delhi bench of the National Company Law Tribunal (NCLT), which had on March 17 directed to initiate insolvency proceedings against Ansal Properties and
