Furnish Full Details Of SC Petition: National Company Law Tribunal Tells Jayaswal Neco Industries, State Bank Of India
By : Legal Era
Update: 2019-08-27 12:45 GMT
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[ By Bobby Anthony ]The Mumbai bench of the National Company Law Tribunal (NCLT) has asked Jayaswal Neco Industries Ltd and its lender, the State Bank of India (SBI) to furnish details of the petition filed by the company in the Supreme Court to stay insolvency resolution proceedings.The NCLT stated that the case involves a substantial sum due to which it would wish to know its...
The Mumbai bench of the National Company Law Tribunal (NCLT) has asked Jayaswal Neco Industries Ltd and its lender, the State Bank of India (SBI) to furnish details of the petition filed by the company in the Supreme Court to stay insolvency resolution proceedings.
The NCLT stated that the case involves a substantial sum due to which it would wish to know its current status.
Accordingly, the NCLT urged both parties to submit details of the Special Leave Petition (SLP), which has been filed, along with all the other relevant details by September 9.
In this connection, it may be recalled that the SBI had approached the NCLT in 2018 after the BSE-listed Jayaswal Neco failed to repay its dues.
Incidentally, the Nagpur-based company owes around Rs 518 crore to SBI, while the company’s total debt is more than Rs 4,000 crore.
However, the company had challenged SBI’s move to approach the NCLT in the Bombay High Court, but the high court rejected the plea after which the company challenged the high court’s order in the Supreme Court.