INSUBCONTINENT EXCLUSIVE:
The NCLT order was challenged by the HCL Tech MD before the appellate tribunal NCLAT.New Delhi: 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 National Company
Law Tribunal (NCLT) order of January 17, 2022, to initiate insolvency against the IT major.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
Justice Ashok Bhushan.An HCL spokesperson said: "The company has appealed to the NCLAT, who have stayed the said NCLT order".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.The NCLT order was challenged by the HCL Tech MD before the appellate tribunal NCLAT.HCL Tech had submitted that it was
not a case where the resolution proceedings ought to have been initiated.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.However - HCL Tech while filing a reply on June
25, 2019 - 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.HCL Tech also said the entire payment about invoices issued by the operational creditor has
been made.Agreeing to it, the NCLAT said: "We have looked into the reply by which notice of dispute was given, which indicate that a genuine
NCLAT while staying the order.(Except for the headline, this story has not been edited by TheIndianSubcontinent staff and is published from
