The National Company Law Appellate Tribunal has set aside an NCLT order and directed it to consider afresh bid of Eagle Fashions for debt-ridden Sumeet Industries. On April 5, 2024, the Ahmedabad bench of NCLT had rejected the application filed by RP of Sumeet Industries, seeking approval of the bid of Eagle Fashions, which was selected by the Committee of Creditors with 74 per cent votes. The NCLT order was challenged by the Resolution Professional and Eagle Fashions by filing two petitions before appellate tribunal NCLAT.
Setting aside the NCLT order, a three-member bench directed the RP of Sumeet Industries to file the minutes and the documents of the meeting which were not provided earlier. Following the appellate tribunal's order, the National Company Law Tribunal will have to consider afresh the approval of the resolution plan of Eagle Fashions relating to debt-ridden Sumeet Industries. “We are of the view that Minutes and the Documents which have not been filed by RP.
.. may be submitted along with an Additional Affidavit before the NCLT within two weeks from today.
“Adjudicating Authority (NCLT ) after receipt of the documents and Minutes as noted by the Adjudicating Authority in the impugned order may proceed to consider afresh and decide the same in accordance with law,” it said. Corporate insolvency resolution proceedings against the Surat-based firm engaged in the business of manufacturing and exporting polyester yarns, was started on Dec. 20, 2022.
Eagle Fas.
