Insolvency case against HCL stayed

New Delhi (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 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 to the IT firm to file a rejoinder to it.

The NCLAT has directed to list the matter on February 16 for the next hearing.

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.