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JSW Steel has decided to move the National Company Law Appellate Tribunal (NCLAT) against the NCLT order rejecting the company’s plea in the Vardhman Industries case.
Last December, the company’s resolution plan for the stressed Vardhman Industries was approved by the NCLT. However, the committee of creditors had made modification in the resolution plan unilaterally.
JSW Steel had moved the NCLT against the modification and sought clarification from the Tribunal before going ahead with implementation of the resolution plan.
On April 16, NCLT had upheld the modification and rejected the company’s plea.
Since certain important relief measures sought by the company that have material bearing on the feasibility and viability of resolution plan, have not been granted, the company will be appealing against the said order before the relevant judicial authority, said the company in a statement.
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