In a relief to Vedanta, NCLAT stays orders against company's demerger
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NEW DELHI: In a relief to Vedanta, the appellate tribunal NCLAT has stayed the National Company Law Tribunal orders against the demerger of the multinational mining company into separate entities and subsequent listing.
The Mumbai bench of NCLT had on March 4 rejected the first motion petition moved for the composite scheme of arrangement between Vedanta in the matter of Talwandi Sabo Power (TSPL), observing that material facts have not been disclosed regarding its debt obligations, which was against the Companies Act. This was immediately challenged before the NCLAT, which earlier this week stayed the order passed by the NCLT bench till its next hearing, scheduled on Aug 4, 2025.
The appellate tribunal said: "Issues raised before us need to be considered at length and presently in view of the submissions made the scheme is severable and thus in case the stay is not granted to the impugned order it may affect the second motion application filed in respect of other three transferor companies pending in different tribunals."
A two-member NCLAT bench also agreed to the proposal of submission of a bank guarantee of Rs 1,245 crore claimed by its creditor Sepco Electric Power Construction Corporation, without prejudice to their rights.
The first motion application is usually filed before the NCLT by the transferor and transferee companies. The second motion then follows after the first motion is granted, allowing for the court to fully evaluate the scheme. agencies
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