On 26 October 2017
Gayatri Projects announced that the NCLAT, New Delhi has decided the matter on 26 October, 2017 i.e. setting aside the order passed by NCLT, Hyderabad Bench on the grounds that the application under Section 9 was not maintainable; in view of the existence of the dispute and that the parties have already reached the settlement. As a result of this order, the company (Appellant) is released from all the rigour of law and is allowed to function independently through its Board of Directors.Earlier, on 18 October 2017, the Company has announced regarding admission of application under section 9 of Insolvency and Bankruptcy Code, 2016 (IBC) by National Company Law Tribunal (NCLT), Hyderabad Bench and subsequent appointment of Interim Resolution Professional (IRP) in our company as per NCLT Order dated 10 October, 2017.
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