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| Exchange Received Time 26/10/2017 17:31:43 Exchange Disseminated Time 26/10/2017 17:31:51 Time Taken 00:00:08 | This has reference to earlier intimation dated. 18.10.2017 regarding admission of application under section 9 of Insolvency and Bankruptcy Code, 2016 (IBC) by National Company Law Tribunal (NCLT), Hyderabad Bench and subsequent appointment of Interim Resolution Professional (IRP) in our company as per NCLT Order dated 10th October, 2017.
NCLAT has decided the matter on 26th October, 2017 i.e. today setting aside the order passed by NCLT, Hyderabad Bench on the grounds that the application under Section 9 was not maintainable; in view of the existence of the dispute and that the parties have already reached the settlement. As a result of this order, the company (Appellant) is released from all the rigour of law and is allowed to function independently through its Board of Directors.
This is for your information and record.
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