Relief to Coal India: NCLAT sets aside NCLT’s insolvency order against ECL

The National Company Law Appellate Tribunal (NCLAT) has set aside an order by the Kolkata bench of the National Company Law Tribunal which allowed initiation of insolvency proceedings against Eastern Coalfields (ECL), a subsidiary of India’s largest miner Coal India.

Earlier, the NCLAT had stayed the order passed by the tribunal to initiate the corporate insolvency resolution process against ECL after the state-run Coal India (CIL) had moved the appellate tribunal challenging the order.