India’s National Company Law Appellate Tribunal (NCLAT) has suspended insolvency proceedings against Deccan Charters (Bengaluru International) until its next hearing on April 26, according to multiple local media reports.
The tribunal directed the applicant, financial creditor Krone Finstock, to reply within four days to arguments presented by Deccan Charters in its appeal filed with the NCLAT, reported The New Indian Express newspaper.
This comes after the Bengaluru bench of the National Company Law Tribunal (NCLT) ordered the initiation of a Corporate Insolvency Resolution Process (CIRP) based on a petition by Krone Finstock, alleging a default of about INR100 million rupees (USD1.1 million).
According to court papers before the NCLT …
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