NCLAT Sets Aside NCLT Order Rejecting Insolvency Plea Against Coastal Oil

The National Company Law Appellate Tribunal (NCLAT) has set aside the NCLT order rejecting the insolvency plea filed against Andhra Pradesh-based Coastal Oil Gas Infrastructure on the grounds of delay in filing, Business Standard reported. A three-member NCLAT bench has now directed the Hyderabad bench of the National Company Law Tribunal (NCLT) to admit the plea filed by the financial creditors -- Bank of India and Central Bank of India -- and decide it "expeditiously" within one month. The NCLAT held that the NCLT had "wrongly considered" the date of default as March 16, 2015 for computation of limitation period to file an application before it and rejected the insolvency plea filed by the financial creditors. Read more

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