NCLAT upholds NCLT order in Synergy Dooray case, no relief for Edelweiss

NCLAT upholds NCLT order in Synergy Dooray case, no relief for Edelweiss

The first resolution plan under the Insolvency and Bankruptcy Code (IBC) was approved in August 2017. Synergy Dooray Automative resolution met with stiff opposition from one of its financial creditors, Edelweiss Asset Reconstruction Company. After the plan was approved by the NCLT, Edelweiss made an appeal to the NCLAT against this decision. The NCLAT has recently upheld the NCLT order and allowed the resolution plan to proceed.

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