NCLAT dismisses plea against resolution plan approval for Duncans Ind
The Kolkata bench of the National Company Law Tribunal (NCLT), on October 18, 2024, approved the resolution plan filed by Uniglobal Papers, which was challenged by Merico Agro Industries and Nagri Farm Tea Co before the appellate tribunal.
While approving the resolution plan, the NCLT in its order (paragraphs 18) had asked Uniglobal Papers, the successful bidder, to make an application for renewal of the leases and to get possession, if granted.
This part was challenged by Merico Agro Industries, Sammelan Tea and Beverages and Nagri Farm Tea Co. by filing appeals against the NCLT order before the appellate tribunal NCLAT.
A three-member NCLAT bench dismissed the petitions but clarified that the question of granting renewal is in the domain of the state government of West Bengal.
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