Hyderabad High Court stays proceedings against Anrak Aluminium

Anrak Aluminium, a joint venture between Penna Cement Group and Ras Al Khaimah Investment Authority, had set up a 1.5 million tonne capacity alumina plant in Andhra Pradesh

The Hyderabad High Court has stayed the proceedings against ailing Anrak Aluminium Limited in the National Company Law Tribunal (NCLT), which is currently examining an application filed by State Bank of India (SBI) under section 7 of the Insolvency and Bankruptcy Code (IBC), seeking the initiation of insolvency resolution.
 
The court admitted a writ petition filed by the company requesting the court to declare the Reserve Bank of India(RBI)’s August 28 directive involving a specific set of large corporate borrowers, including Anrak, and the consequent action of State Bank of India(SBI), as illegal, arbitrary and violative of Article 14