2018 (5) TMI 1921 - SC - Companies Law

Appellant offers to furnish Irrevocable Bank Guarantee - HELD THAT - In view of offer of the appellant that the bank guarantee will be furnished within three weeks from today, the NCLAT may consider the matter afresh in the light of the said bank guarantee. In the meantime, further proceedings will remain stayed.

Summary

The Supreme Court heard the appellant's counsel stating willingness to provide a bank guarantee of Rs. 100,00,000 to NCLAT. The appellant has objections against the present IRP. Further proceedings are stayed until the bank guarantee is furnished. The appellant is required to appear before NCLAT on 30th May, 2018. Respondents can move the Court if aggrieved. Appeals are disposed of.