Mumbai, Aug 13 (TIWN) The National Company Law Appellate Tribunal (NCLAT) has upheld the NCLT's order to set aside the plea for initiating Corporate Insolvency Resolution Process (CIRP) against Tata Chemicals.

Observing that the NCLT has rightly dismissed the plea as Allied Silica has failed to prove the operational debt and its default and further on the ground of pre-existing dispute, the appellate tribunal rejected the appeal against it.

“We are of the considered opinion that the Adjudicating Authority (NCLT) has rightly dismissed the application filed under Section 9 of IBC,” the NCLAT bench headed by Acting Chairman Justice B L Bhat said.