The National Company Law Tribunal (NCLT) has dismissed IDBI Trusteeship Services’ petition seeking Corporate Insolvency Resolution Process (CIRP) proceedings against Essel Group entity Cyquator Media Services for default in payment.
In its petition against Cyquator Media, IDBI Trusteeship had invoked the provisions of Section 7 Insolvency and Bankruptcy Code read with Rule 4 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for resolution of financial debt worth 599 crore.
In their order, the NCLT bench of Technical Member Anuradha Sanjay Bhatia and Judicial Member Kuldip Kumar Kareer noted that the contentions raised on behalf of IDBI Trusteeship are devoid of any force or substance.
“We are of the considered …
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