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Lenders move against NCLT's verdict to stay Reliance Capital auction

The lenders have argued that the interim stay ordered by National Company Law Tribunal (NCLT) is not permitted under law.

January 25, 2023 / 09:38 AM IST
Reliance Capital

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Lenders of Reliance Capital moved the National Company Law Appellate Tribunal (NCLAT) on January 25 to challenge the bankruptcy court order for maintaining the status quo on the company's insolvency proceedings.

The lenders have argued that the interim stay ordered by National Company Law Tribunal (NCLT) is not permitted under law.

Last week, NCLT directed the lenders of Anil Ambani-promoted Reliance Capital to maintain the status quo and asked all applicants to submit written notes.

The tribunal postponed the second auction for Reliance Capital, which was scheduled for January 19, to January 23 (Monday) as the NCLT Mumbai bench could not complete the hearing of arguments of all applicants.