The National Company Law Appellate Tribunal has stayed the ongoing liquidation of Bharati Defence and Infrastructure Ltd.
The NCLAT directed that the liquidator will not take any steps to sell or transfer or alienate movable or immovable assets of the company. The Mumbai bench of the National Company Law Tribunal had ordered the liquidation in January, rejecting the Edelweiss Asset Reconstruction Companys resolution plan approved by the committee of creditors.
Edelweiss ARC, which initiated the insolvency process against Bharati Defence in June 2017, was the lead financial creditor and also the successful bidder. The resolution professional had rejected the other four offers citing non-compliance.
But the NCLT rejected Edelweiss ARCs plan o…
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