{"id":17033,"date":"2022-01-20T13:09:28","date_gmt":"2022-01-20T07:39:28","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-nclat-hcl-tech\/"},"modified":"2022-01-20T13:23:07","modified_gmt":"2022-01-20T07:53:07","slug":"biz-nclat-hcl-tech","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-nclat-hcl-tech\/","title":{"rendered":"NCLAT stays insolvency proceedings against HCL Tech"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1710104218\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>New Delhi, Jan 20 (PTI) In a major relief to IT firm HCL Technologies, the National Company Law Appellate Tribunal (NCLAT) has stayed the insolvency proceedings initiated against it on a plea filed by a creditor.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-882199151\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p>A two-member NCLAT bench, while admitting the petition filed by HCL Tech MD and CEO C Vijayakumar stayed the National Company Law Tribunal (NCLT) order of January 17, 2022, to initiate insolvency against the IT major.<\/p>\n<p>The appellate tribunal also issued notice to Sahaj Bharti Travels, which had claimed a default of Rs 3.54 crore by HCL Tech, to file its reply within two weeks and also granted one week to the IT firm to file a rejoinder to it.<\/p>\n<p>The NCLAT has directed to list the matter on February 16 for the next hearing.<\/p><div class=\"trade-content_5\" id=\"trade-400028670\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>\u201cIn the meantime, the order dated January 17, 2022, passed by the Adjudicating Authority (NCLT) shall remain stayed,\u201d said the NCLAT bench headed by Chairperson Justice Ashok Bhushan.<\/p>\n<p>An HCL spokesperson said: &#8220;The company has appealed to the NCLAT, who have stayed the said NCLT order&#8221;.<\/p>\n<p>On January 17, 2022, the NCLT had directed the initiation of insolvency proceedings against HCL Tech, admitting default over claims of Rs 3.54 crore by Sahaj Bharti Travels.<\/p>\n<p>The NCLT order was challenged by the HCL Tech MD before the appellate tribunal NCLAT.<\/p>\n<p>HCL Tech had submitted that it was not a case where the resolution proceedings ought to have been initiated.<\/p>\n<p>Sahaj Bharti Travels had demanded an amount of Rs 3.54 crore on the claim of a minimum guarantee of transport charges from April 30, 2015, to December 31, 2018.<\/p><div class=\"trade-content-10\" id=\"trade-1507017293\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>However &#8211; HCL Tech while filing a reply on June 25, 2019 &#8211; had denied the claim and indicated that the minimum guarantee claim was not payable because there was a breach of conditions and a penalty was also imposed on the cab operator.<\/p>\n<p>HCL Tech also said the entire payment about invoices issued by the operational creditor has been made.<\/p>\n<p>Agreeing to it, the NCLAT said: &#8220;We have looked into the reply by which notice of dispute was given, which indicate that a genuine dispute was raised by the Corporate Debtor (HCL)\u201d.<\/p>\n<p>It further observed that the NCLT proceeded to decide the dispute between the parties like a civil court, which ought not to have been done.<\/p>\n<p>\u201cWe are satisfied that the case has been made out to grant an interim relief,\u201d said the NCLAT while staying the order. PTI KRH SR  BAL<\/p>\n<div class=\"trade-after-content\" id=\"trade-902161745\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>New Delhi, Jan 20 (PTI) In a major relief to IT firm HCL Technologies, the National Company Law Appellate Tribunal (NCLAT) has stayed the insolvency proceedings initiated against it on a plea filed by a creditor. A two-member NCLAT bench, while admitting the petition filed by HCL Tech MD and CEO C Vijayakumar stayed the [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1696,31],"tags":[],"class_list":["post-17033","post","type-post","status-publish","format-standard","hentry","category-corporate-action","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NCLAT stays insolvency proceedings against HCL Tech - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-nclat-hcl-tech\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NCLAT stays insolvency proceedings against HCL Tech\" \/>\n<meta property=\"og:description\" content=\"New Delhi, Jan 20 (PTI) In a major relief to IT firm HCL Technologies, the National Company Law Appellate Tribunal (NCLAT) has stayed the insolvency proceedings initiated against it on a plea filed by a creditor. 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