Bombay High Court strikes down NCLT's insolvency order on Rolta India
The Bombay High Court , in a far-reaching order, has set aside an earlier order of National Company Law Tribunal ( NCLT ) which had admitted an insolvency petition against Rolta India . A two-member Mumbai bench of the tribunal admitted the plea of -- Value Partner Greater China High Yield Income Fund and Pinpoint Multi-Strategy Fund -- claiming default of around Rs 1,060 crore. Kamal Singh, the director of the company, had challenged the NCLT's order. The High Court set aside the appointment of an insolvency resolution professional. The NCLT had appointed Shailendra Ajmera of EY as the interim professional of the company to complete the Corporate Insolvency Resolution Process. How the Case unfolded? Instead of going to NCLAT, a writ petition was filed in the High Court against the NCLT order. It is alleged that on 22 nd October 2019, the Bench of the Judicial Member and Technical Member did not conduct any adjudicatory business. It is stated that the order has been put i...