NCLAT stays insolvency proceedings against HCL

New Delhi, January 20 In a major relief to IT firm HCL Technologies, the National Company Law Appellate Tribunal (NCLAT) has stayed the insolvency proceedings initiated against it on a plea filed by a creditor. A two-member NCLAT Bench, while...

PTI

Updated At : 01:36 PM Jan 21, 2022 IST

New Delhi, January 20

In a major relief to IT firm HCL Technologies, the National Company Law Appellate Tribunal (NCLAT) has stayed the insolvency proceedings initiated against it on a plea filed by a creditor.

A two-member NCLAT Bench, while admitting the petition filed by HCL Tech MD and CEO C Vijayakumar stayed the National Company Law Tribunal (NCLT) order of January 17, 2022, to initiate insolvency against the IT major.

The appellate tribunal also issued notice to Sahaj Bharti Travels, which had claimed a default of Rs 3.54 crore by HCL Tech, to file its reply within two weeks and also granted one week to the IT firm to file a rejoinder to it. —

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