KOCHI: The National Company Law Apex Tribunal (NCLAT) on Thursday quashed an order by the National Company Law Tribunal (NCLT) which passed a verdict in an insolvency case filed by a private firm against SmartCity authorities.
The NCLAT’s verdict has come as a breather for the SmartCity project as many of its major functions, including the conduct of its director board, have been stalled following the NCLT order.
At the same time, the apex body’s order has come as a jolt to the SmartCity authorities who had reached at an out-of -the-court settlement with the Synergy Property Development Services Private Ltd, the project management company (PMC), which filed the insolvency suit.
The NCLAT quashed the NCLT order citing tha…
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