SC stays order allowing MBL Infra promoter to take over ailing co
NEW DELHI: The Supreme Court has stayed an NCLAT order allowing Anjanee Kumar Lakhotia, the promoter of ailing MBL Infrastructure, to take over the company under a resolution plan submitted under the Insolvency Code despite a specific bar against it in the law.
The top court will now examine the issue on February 2, 2020.
Acting on a plea by banks led by Bank of Baroda, IDBI and SBI, a bench comprising Justices Arun Mishra and Surya Kant stayed the NCLAT order of August 16, 2019, dismissing an appeal against the Kolkata NCLT decision to allow such a resolution plan to go through.
RBL bank had initiated the corporate insolvency resolution process against the company in 2017. The COC eventually cleared a resolution plan submitted by Lakhotia with a 78% vote.
