NCLAT suspends insolvency resolution process against Essar Oil and Gas Exploration & Production
Essar Group entity Essar Oil and Gas Exploration & Production Ltd under the Corporate Insolvency Resolution Process (CIRP).
On Tuesday, the division bench of Justice Ashok Bhushan and technical members Barun Mitra and Arun Baroka, while suspending the National Company Law Tribunal (NCLT) order observed that Section 9 Application has been resorted as a recovery mechanism which is not permissible under the IBC.
“Appellant (Essar Oil and Gas Exploration) is a healthy company which has a turnover of Rs 800 crores and about 425 Employees are working,” observed the appellate tribunal. “Section 9 application ought not to have been admitted by the adjudicating authority and the adjudicating authority has in the order although noticed the settlement but has not appropriately dealt with the settlement,” noted the appellate tribunal in its order.
The appellate tribunal will hear the matter further on November 6.
Essar Group spokesperson said in its statement that the appellate tribunal in its order has noted its submissions that all the amounts under the settlement agreement has been paid.
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