The appellate tribunal NCLAT has dismissed the plea against the acquisition of Vadraj Cement by Nirma group cement business Nuvoco Vistas Corporation during an insolvency resolution process.
The Delhi-based principal bench of NCLAT has upheld the previous order passed by the Mumbai bench of the National Company Law Tribunal (NCLT), which has on April 1, 2025 approved Nuvoco Vistas's plan for Vadraj Cement, which includes an upfront payment of Rs 1,800 crore.
A two-member NCLAT bench comprising Chairperson Justice Ashok Bhushan and Member (Technical) Barun Mitra rejected an appeal filed by an employee and authorised representative of employees of Vadraj Cement against the approval of the Nuvoco Vistas' bid over their payout regarding their gratuity dues.
Copyright © 2017 Indian Grapevine a unit of Integrated Media Enterprises
