Edelweiss ARC moves NCLAT against Synergies Dooray

The National Company Law Appellate Tribunal (NCLAT) has admitted Edelweiss ARC’s appeal against Synergies Dooray for a resolution plan made via the corporate restructuring process under the Insolvency and Bankruptcy Code (IBC).

The appellate tribunal has ordered issuance of notices to all the parties related to the case. The asset restructuring company has raised objection to the way in which the resolution plan was made and how it was approved by the committee of creditors.

In its appeal, Edelweiss ARC had questioned the conduct of the insolvency professional in the case. It decided to move the appellate tribunal after the National Company