NCLAT dismisses Kesoram’s appeal in Birla Tyres insolvency case_NCLAT dismisses Kesoram's appeal in Birla Tyres insolvency case

NCLAT dismisses Kesoram’s appeal in Birla Tyres insolvency case

May 31, 2024

A representative photo from Reuters.

The National Company Law Appellate Court (NCLAT) on Friday dismissed the appeal of Kesoram Industries against the judgment of the National Company Court of Galgal, which rejected its claim as a financial creditor of Birla’s appeal Tires Ltd.

The appellate court held that the “adjudicating authority” (NCLT, Kolkata) did not commit any error in rejecting the application filed” as Kesoram failed to prove that the transactions were deposits or loans from his account to Birla’s Tires account. “Defendant”.

Kesoram Industries Ltd NCLT, a part of the BK Birla Group, has replied to the Kolkata filing application urging it to direct Resolution Professional (RP) to be deemed to be a Birla Tires financial creditor. RP has rejected the claim of Rs 518.3 crore given by Kesoram Industries to Birla Tires as inter-company loan.

Birla Tires Limited was incorporated in 1991 and started spinning off from Kesoram in 2019. Industry.

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