The National Company Law Appellate Tribunal (NCLAT) has stayed the liquidation process against corporate debtor Adhunik Metaliks.
This follows an appeal by Liberty House group.
The latter had emerged the successful resolution applicant for Adhunik Metaliks.
However, since it failed to implement its resolution plan, the Cuttack Bench of NCLT had passed order for liquidation of Adhunik Metaliks Ltd and group company Zion Steel on July 8, 2019.
In a notification to the stock exchanges on Monday, Adhunik Metaliks said the NCLAT passed an order on July 17, 2019 stating that the “operation of the impunged order of liquidation shall remain stayed.”
Earlier, State Bank of India had filed application to initiate the insolvency process against the companies after they defaulted in repaying debt of over Rs 747 crore.
Source: Economic Times