GTL Insolvency: NCLT To Hear Canara Bank’s Petition Afresh
NCLAT sends the case back to the bankruptcy court for fresh consideration
(The Corner Office Journal) -- India’s National Company Law Tribunal’s (NCLT) will hear Canara Bank’s insolvency petition against GTL Ltd.’s afresh following the bankruptcy appellate tribunal’s recent order.
The development comes after the National Company Law Appellate Tribunal (NCLAT) on 25 October passed an order, allowing the government-owned lender’s appeal, GTL said in a stock exchange announcement today.
In November 2022, the Mumbai bench of NCLT dismissed Canara Bank’s plea for initiation of corporate insolvency resolution process against GTL, prompting the lender to challenge the order in the NCLAT. The matter was pending before the bankruptcy appellate tribunal for so long.
The company said the bankruptcy appellate tribunal last week set aside the NCLT’s November 2022 order and sent the case back to the NCLT for fresh consideration of all facts. The case hearing date in the NCLT is yet to be known.
GTL, which provides network services to telecom operators, said the company will continue to pursue settlement/resolution with its lenders.
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