NCLAT dismissed Insolvency Proceedings Initiated against Tata Chemicals

Allied Silica Limited Vs Tata Chemicals Limited (NCLAT) The issue under consideration is whether the initiative of insolvency proceedings against Tata Chemicals is sustain even if the corporate debtor has not complied with the procedural aspects? NCLAT states that, on perusal of the documents submitted by the parties, it is evident from the Letter dated 08.01.2019 which is signed by both the parties, that the Applicant had failed to complete the Tranche II Conditions Precedent as a result of which the Corporate Debtor had exercised its right under the BTA and set-off and adjusted the Tranche I...