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The National Company Law Appellate Tribunal (NCLAT) has set aside an order of the Mumbai NCLT admitting a plea filed by bentonite and bauxite exporter Ashapura Minechem Ltd for initiation of insolvency proceedings.
The appellate tribunal observed that the plea to initiate insolvency against it was filed by Ashapura Minechem under Section 10 of the Insolvency and Bankruptcy Code (IBC) without any prior approval of the annual general meeting (AGM) or extraordinary general meeting (EGM) of the company.
Setting aside the order of the Mumbai bench of NCLT, which had on March 15, 2019 admitted the company’s plea and had directed to initiate insolvency proceedings, NCLAT said it was against the law and asked to close the proceedings.
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