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NCLAT bins bankruptcy case against Essar Oil
Hindustan Times Rajasthan
|March 20, 2025
ON 10 SEPTEMBER 2024, NCLAT HAD PASSED AN INTERIM ORDER STAYING THE NCLT RULING
NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) has set aside a bankruptcy case against Essar Oil and Gas Exploration and Production Ltd (EOGEPL), a subsidiary of Essar Group.
An NCLAT bench led by chairperson justice Ashok Bhushan overturned the National Company Law Tribunal (NCLT) order, based on a petition from Greka Green Solutions (India) Ltd, which claimed it was owed ₹24.38 crore (about $2.96 million). On 10 September 2024, NCLAT had passed an interim order staying the NCLT ruling.
The Ahmedabad bench of the NCLT had admitted the insolvency plea against EOGEPL on 6 September 2024, and appointed Mohit Bipinchandra Adatiya as the interim resolution professional (IRP) to manage the company's affairs until a committee of creditors (CoC) was formed.
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