The National Company Law Appellate Tribunal (NCLAT) has mandated the National Company Law Tribunal (NCLT) to reconsider the insolvency plea initiated by APL Apollo Tubes against Tanisha Scaffolding, a buyer of their goods.
A two-member NCLAT bench reprimanded the NCLT’s Bengaluru bench for dismissing APL Apollo Tubes’ claims based on ‘hypothetical interpretation.’
The NCLAT highlighted that the tribunal should not replace a litigating party’s findings without concrete pleading evidence, deeming NCLT’s earlier inference unfounded and urging a swift resolution.
