NCLAT Upholds Essar Power Gujarat Insolvency Petition Rejection

NCLAT dismissed Narayani Resources' appeal against NCLT's rejection of its Section 9 IBC application against Essar Power Gujarat.
The tribunal found a genuine pre-existing dispute over ₹85 crore operational debt reconciliation and settlement terms.
The dispute was referred to arbitration by Bombay High Court, making IBC proceedings inappropriate for resolution.