The NCLTs Kolkata bench on December 19, 2018, admitted an insolvency petition, filed by the Hinduja Group-controlled Gulf Oil Lubricants India (GOLIL), against ECL under Section 9 of the Insolvency & Bankruptcy Code (IBC), as the coal miner allegedly refused to pay the interest amount on the original debt towards goods supplied.The National Company Law Appellate Tribunal (NCLAT) has set aside an order by the Kolkata bench of the National Company Law Tribunal which allowed initiation of insolvency proceedings against Eastern Coalfields (ECL), a subsidiary of Indias largest miner Coal India.
Earlier, the NCLAT had stayed the order passed by the tribunal to initiate the corporate insolvency resolution process against ECL after the state-run …
Read the full article at: https://www.financialexpress.com/industry/relief-to-coal-india-nclat-sets-aside-nclts-insolvency-order-against-ecl/1488149/