Solar Industries slumps 4% despite Superme Court stay on NCLT and NCLAT orders

12 Jan 2022 , 10:47 AM

Solar Industries India Limited informed the exchanges that the Supreme Court has stayed the orders of the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT).

The company had filed an appeal against the order of the NCLAT dated December 14, 2021, before the Supreme Court on January 5, 2022 (Civil Appeal).

“The Civil Appeal was listed before the Hon’ble Supreme Court virtually on January 10, 2022. After considering the submissions of the parties, the Hon’ble Supreme Court was pleased to pass an interim order:

‘Meanwhile, considering the facts and circumstances of this case, it is directed that the operation of the impugned orders of NCLT dated 09.02.2021 and NCLAT dated 14.12.2021 shall remain stayed till the next date of hearing’.,” company said in a filing.

The matter is now listed after six weeks in the week commencing from March 7, 2022.

Solar Industries India had filed an appeal against the order of the NCLT dated February 09, 2021 (Impugned Order) before the NCLAT on February 22, 2021. NCLAT dismissed the appeal filed by Solar Industries.

The company stock was under pressure and at around 10.50 am, Solar Industries India Ltd was trading at Rs2,178.35 per piece down by Rs91.1 or 4.01% from its previous closing of Rs2,269.45 per piece on the BSE.