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JSW’s plea upheld against order on Vardhman Industries

“The company had preferred an appeal before NCLAT challenging certain portions of NCLT orders, and the judgment on the same has been pronounced on December 4, 2019, allowing the said appeal of JSW,” JSW Steel said in a notification to the stock exchanges on Thursday.

, ET Bureau|
Dec 06, 2019, 02.30 PM IST
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If JSW Steel’s contention is upheld, the steelmaker will have moved closer to completing its acquisition of Ludhiana-based VIL, which was referred for insolvency proceedings under the Insolvency and Bankruptcy Act last year.
The National Company Law Appellate Tribunal (NCLAT) has allowed JSW Steel's appeal against certain clauses pertaining to liabilities and receivables in the National Company Law Tribunal’s order approving its resolution plan for ailing steel company Vardhman Industries Ltd (VIL).

“The company had preferred an appeal before NCLAT challenging certain portions of NCLT orders, and the judgment on the same has been pronounced on December 4, 2019, allowing the said appeal of JSW,” JSW Steel said in a notification to the stock exchanges on Thursday.

While the notification said “the company is yet to receive the copy of the NCLAT order for appropriate action”, some people aware of the matter said the appellate tribunal has upheld JSW Steel’s contention.

If JSW Steel’s contention is upheld, the steelmaker will have moved closer to completing its acquisition of Ludhiana-based VIL, which was referred for insolvency proceedings under the Insolvency and Bankruptcy Act last year.
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