AHMEDABAD: Rasna got a breather from the Gujarat high court on Monday after it stayed the interim resolution professional (IRP) from taking over the company’s management till the appellate tribunal hears its appeal against the insolvency proceedings ordered by the National Company Law Tribunal (NCLT).
After the NCLT ordered initiation of the corporate insolvency resolution process (CIRP) against the soft drinks manufacturer on September 1 over the Rs 71 lakh it owes to an operational creditor, the company rushed to the HC, seeking urgent intervention.
Rasna’s counsel submitted before the HC that NCLT had granted seven days to the company to make written submissions but passed its final order in between. Rasna is a profit-making company, …
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