Appellate tribunal stays NCLT order allowing promoter to bid for firm

NCLT had said that the corporate guarantee against promoter Anjani Kumar Lakhotia had not been invoked, so he was eligible to bid

An appellate tribunal has stayed the order of the National Company Law Tribunal (NCLT) allowing the promoter of MBL Infrastructure to bid for his insolvent company. It also stayed the resolution plan for the company. 

The Kolkata bench of the NCLT had allowed the promoter of MBL Infrastructure, Anjanee Kumar Lakhotia, to place a resolution plan for the company. Lakhotia is also a corporate guarantor for MBL Infrastructure. The NCLT had said that his guarantee had not been invoked and hence Lakhotia was eligible to bid. 

Punjab National Bank (PNB), one of the creditors to MBL Infrastructure, had appealed against