An application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) was filed by Shantanu Investments Private Limited against Aksh Optifibre Limited.
The matter was initially heard by a Division Bench of the National Company Law Tribunal (NCLT), Jaipur Bench, which resulted in divergent opinions between the Hon'ble Judicial Member and Hon'ble Technical Member.
Due to this difference of opinion, the matter was referred to a third Hon'ble Member nominated by the Hon'ble President of NCLT for consideration of the points of difference.
The third Member concurred with the view expressed by the Hon'ble Technical Member and held that the application under Section 7 of the IBC is maintainable.
The matter has been referred back to the original Bench for passing appropriate orders in accordance with law.
Company's Response and Status
The Company believes the order suffers from errors on facts and law and has strong grounds to challenge it.
The Company has already filed an appeal before the National Company Law Appellate Tribunal (NCLAT) and is pursuing all legal remedies available under applicable law.
The Company remains committed to safeguarding the interests of all stakeholders and will keep the stock exchanges informed of any material developments.
