NCLAT spikes banks’ plea against MBL resolution
The NCLT had on April 18, 2018 approved the resolution plan by Lakhotia and this was challenged by the four banks before the NCLAT.
New Delhi: The appellate tribunal has dismissed petitions filed by four public sector banks against an order of the Kolkata bench of the NCLT approving the resolution plan for MBL Infrastructures Ltd submitted by its promoter.
A two-member bench of National Company Law Appellate Tribunal (NCLAT), headed by Justice S.J. Mukhopad-haya, declined the appeals filed by IDBI Bank, Bank of Baroda, Bank of India and State Bank of India, claiming that the Committee of Creditors of MBL Infra-structures had approved the resolution plan by the firm’s Chairman and Managing Director Anjanee Kumar Lakhotia with 78.50 per cent votes in favour.
The move came after the Kolkata bench of the NCLT had ordered to initiate insolvency proceedings against MBL Infrastructures in March 2017 over a plea filed by RBL Bank. Later, the NCLT had on April 18, 2018 approved the resolution plan by Lakhotia and this was challenged by the four banks before the NCLAT.