NCLAT orders status quo on Sarda Energy & Minerals Ltd (SEML)'s bid to take over SKS Power Ltd
NCLAT) has ordered a status quo on Sarda Energy & Minerals Ltd (SEML)'s bid to take over SKS Power Ltd responding to the company's plea against a lower court's order which had asked lenders to reconsider their decision to declare SEML as the winning bidder.
In a two page order the bench asked the respondents which include losing bidder Torrent Power, resolution professional (RP) Ashish Rathi and the committee of creditors (CoC) to reply within two weeks and file rejoinders if any one week later. The next date of hearing is November 24.
«In view of the fact that we have issued notice, called for reply and fixed date for final disposal of the appeal no further steps be taken by the CoC,» the bench said.
In its application Sarda has said that the NCLT order is in violation of the principles of natural justice.
