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NCLAT asks NCLT Mumbai to decide afresh on PNB’s insolvency plea against Mittal Corp

‘Decide on PNB’s Mittal insolvency plea afresh’

The National Company Law Appellate Tribunal (NCLAT) has set aside an order of the NCLT, rejecting a plea filed by the Punjab National Bank (PNB) to initiate insolvency proceedings against Mittal Corp and directed it to decide afresh ‘expeditiously.‘

NCLAT observed the NCLT had dismissed PNB’s plea on the basis of a circular issued by the RBI on February 12, 2018, which was not applicable in this matter.PTI

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