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
