NCLAT stays an order directing liquidator Kasi Srinivas to refund all remuneration received over three years.
The Adjudicating Authority had issued the refund directive due to a failure to sell any assets of Ethnic Tobacco Ltd and Ind Tob International Pvt Ltd.
The liquidator cited multiple sale attempts, a stay order from promoters, and instructions from the SCC as reasons for the delay.
The appeals are listed for further hearing on 03 November 2026.