The National Company Law Appellate Tribunal (NCLAT) on Saturday ordered a stay on the commencement of corporate insolvency proceedings against Eastern Coalfields Ltd (ECL), a subsidiary of Coal India.
It may be noted that the Kolkata bench of National Company Law Tribunal had, on Wednesday, admitted the insolvency petition, filed by Gulf Oil Lubricants India Ltd (GOLIL), for initiation of insolvency proceedings against ECL. The insolvency proceedings was initiated as the company refused to pay the interest amount at the rate of 18 per cent per annum on the original debt of around 85 lakh to the operational creditor.
ECL had already paid the principal sum of around 85 lakh to Gulf Oil Lubricants.
Challenging the order passed by Kolkata be…
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