Reports suggest that the adjudicating authority has already directed the ruling request in the coming week and has not expressed any opinion on the merits indicating that the NCLT authority will take the required steps, determining the application observed by the court headed by Justice Ashok Bhushan. and Barun Mitra. two page order.
On Wednesday, the secured creditors of Anil Ambani-sponsored by Reliance Capital, withdrew an appeal from the National Corporations Law Appeals Tribunal (NCLAT) challenging the NCLT's order on the maintenance of existing circumstances in the debt resolution process in the distressed financial, according to a media report.
The development came after the appeals court noted that it is unwilling to hear the matter at this stage as NCLT's final order is expected next week.
Reports suggest that the adjudicating authority has already directed the ruling request in the coming week and has not expressed any opinion on the merits indicating that the NCLT authority will take the required steps, determining the application observed by the court headed by Justice Ashok Bhushan. and Barun Mitra. two page order.
Earlier, lead attorney Kapil Sibal, who appeared on behalf of the lenders along with a Luthara and Luthara law firm, submitted his permission to withdraw the appeal, leaving all disputes open.
In addition, the appeals court allowed the petition notifying: "We accept the sentence and allow the appellant to withdraw the appeal without prejudice to the affirmation of the parties."
On Tuesday, the creditors committee (CoC) went to the court of appeal, after the Mumbai court of the National Company Law Tribunal (NCLT) stayed the second challenge designed to sell Reliance Capital.
According to reports, Reliance Capital and the CoC are likely to meet on Friday to review the progress of the sale of the company that provides financial services ranging from insurance to brokerage.
Meanwhile, NCLT's suspension was in response to an appeal filed by ahmedabad-based Torrent Investments against the second auction and the enhanced offers submitted by the Hinduja Group, following the close of the first auction on December 21, 2022.
