NCLAT’s order regarding Duncans Industries – NCLAT Order has come for duncans Industries

Appellate Tribunal NCLAT has dismissed petitions against the order of NCLT approved the Duncan Industries’ Samadhan Yojana. The National Company Law Appellate Tribunal (NCLAT) also made it clear that while approving the solution plan of Duncan Industries Ltd., NCLT has not made any comments regarding renewal of tea gardens leases.

The Kolkata Peeth of the National Company Law Tribunal (NCLT) approved the Samadhan Yojana filed by Unglobal Papers on October 18, 2024. It was challenged before the Appellate Tribunal by the Merico Agro Industries and the Nagari Farm Tea Company. While approving the Samadhan Yojana, the NCLT in its order asked the successful bidding uniglobal papers to apply for the renewal of leases and take possession if the approval is received.

This part of the order was challenged by the Merico Agro Industries, Conference T & Beverages and Nagari Farm Tea Company by filing an appeal before the Appellate Tribunal NCLAT. A three -member bench of NCLAT dismissed the petitions, but clarified that the question of renewal of leases is under the jurisdiction of the West Bengal State Government. The NCLAT bench stated that the order of NCLT should not be considered as an opinion regarding the renewal of leases.

(With agency input)

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First Published – March 9, 2025 | 7:00 PM IST