National Company Law Appellate Tribunal (NCLAT) on Saturday stayed the commencement of corporate insolvency proceedings against Eastern Coalfields Ltd (ECL), a subsidiary of Coal India.
Incidentally, the Kolkata Bench of the NCLAT had on Wednesday admitted the insolvency petition, filed by Gulf Oil Lubricants India Ltd (GOLIL) against ECL, for initiation of insolvency proceedings against the miner as it refused to pay the interest amount at the rate of 18 per cent per annum on the original debt to the operational creditor.
Coal India’s subsidiary had already paid the principal sum of around Rs. 84.71 lakh to the creditor.
Challenging the city bench order, Coal India moved the NCLAT. Read more
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