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The National Company Law Appellate Tribunal (NCLAT) on Wednesday resolved the stay order against Chennai-based Shriram EPC Ltd in connection with a petition filed by ACRE (Asset Care & Reconstruction Enterprises Ltd) under the Corporate Insolvency Resolution Process (CIRP) of the corporate debtor.
The NCLAT accepted the stand that there was no default on part of the Shriram EPC and that the issue arose because the consortium of bankers did not accept ACRE as a lender since the Deed of Accession was not executed by them. The Bench also noted that the issues between ACRE and consortium now stand resolved, according to a statement of Shriram EPC.
The NCLAT has set aside the order of NCLT Chennai and closed the CIRP. The powers of the board and the management are fully restored, it said.
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