The National Company Law Appellate Tribunal (NCLAT) has suspended the order of the lower tribunal that admitted Essar Oil and Gas Exploration & Production Ltd under the Corporate Insolvency Resolution Process. The appellate tribunal observed that the Section 9 application was used as a recovery mechanism, which is not permissible under the IBC.
NCLAT suspends insolvency resolution process against Essar Oil and Gas Exploration & Production
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