Coal India gets stay on insolvency order for subsidiary


Coal India gets stay on insolvency order for subsidiary

State-owned company Coal India Ltd (CIL) has got a stay from the appellate authority the National Company Law Tribunal (NCLAT) on insolvency proceedings after NCLT had initiated proceedings against one of its subsidiaries for refusing to pay interest on disputed bills.

According to the National Company Law Tribunal, CIL’s arm refused to acknowledge that it has to pay interest on outstanding bills, prompting the court to pull up the company.

Following this, Coal India approached the appellate body and got a stay on the NCLT order. Read More

Leave a Reply

Your email address will not be published.