Bankruptcy proceedings against Indrajit Power will not stop, NCLAT rejected the appeal
NCLAT: The order of NCLT was challenged in NCLAT by Rajiv Munjal, director of the suspended board of the company. Now NCLAT has also ordered to continue the bankruptcy proceedings of the company.
The National Company Law Appellate Tribunal (NCLAT) has refused to hold bankruptcy proceedings against the debt-ridden thermal power company Indrajit Power. NCLAT said NCLT had not committed any mistake. Yes Bank had initiated bankruptcy proceedings against Maharashtra-based company Indrajit Power on February 1, 2024. The Mumbai branch of NCLT declared the company as a bankrupt. Rajiv Munjal, director of the suspended board of the company, had challenged the order of NCLT in NCLAT. Now, NCLAT has upheld the bankruptcy proceedings in its order.
In its decision on January 7, 2025, a two-member bench of NCLAT said, 'The statement of the appellant (director) that he is proposing to settle makes it clear that the loan and default have been made. In such a situation, we do not see any good basis to consider this appeal. ' Yes Bank has claimed a default of Rs 331.41 crore against Indrajit Power. Indrajit Power currently operates an 85 MW coal-based thermal power plant in Wardha, Maharashtra. In his petition before NCLAT, Munjal said that he is taking steps to settle. NCLAT has given several opportunities for this. The last opportunities were given on October 1, 2024, and November 5, 2024. Now the appellate tribunal dismissed the appeal.
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