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| Exchange Received Time 25/07/2018 18:00:34 Exchange Disseminated Time 25/07/2018 18:00:39 Time Taken 00:00:05 | With reference to the above, kindly note that the Appeal preferred against Order dated 17th May, 2018 passed by NCLT, Chennai whereby the petition under Section 7 IBC filed by ACRE had been admitted, was heard by Hon'ble NCLAT today.
The Hon'ble NCLAT has accepted the stand of Appellant that there was no default on part of Corporate Debtor (SEPC) and that the issue arose because consortium bankers were not accepting ACRE as a lender since ACRE had not signed deed of Accession. The Bench has also noted that the issues between ACRE and consortium now stands resolved.
In the circumstances, the Impugned Order dated 17.5.2018 has been set aside and CIRP process closed.
We shall forward a copy of the Order as soon as it is available at our end..
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