The National Company Law Appellate Tribunal (NCLAT) has directed the Mumbai bench of the NCLT to pass an order over the insolvency plea against 15 Videocon group companies within next three weeks.
The NCLAT said that taking into consideration the nature of the matter, the National Company Law Tribunal (NCLT) Mumbai should pass an order within three weeks over the insolvency plea filed by banks.
The NCLAT order came over the plea filed by the lenders, led by SBI and the Resolution Professional of the company. The lenders had pleaded that the NCLT was yet to pronounce its judgement even as it reserved an order after the completion of arguments in January 2019.
Observing that arguments in the matter have already been completed, a three-member NCLAT bench headed by Chairman Justice S J Mukhopadhaya asked the lenders to inform it, if the NCLT does not pronounce its order within three weeks timeframe.
