No need to hear out 3rd party during insolvency admission, NCLAT tells NCLT

In its order, the NCLAT also asked NCLT Kolkata to admit insolvency application moved against Odisha Slurry Pipeline Infrastructure if there is a clear case of debt owed to the bank

The National Company Law Appellate Tribunal (NCLAT) has said that the National Company Law Tribunal (NCLT) should not hear any third party, other than the applicant who has taken a company to the NCLT and the company which is the corporate debtor itself, at the time of the admission of a case.
 
“We may observe that except the applicant (financial creditor) and the corporate debtor, there is no requirement of hearing a third party including the intervenor at the stage of admission,” the NCLAT said. IDBI Bank had moved the NCLAT against the repeated adjournments in NCLT Kolkata during