Hyderabad: In a respite to Anrak Aluminum Limited, the Hyderabad High Court on Wednesday directed the Reserve Bank of India and the State Bank of India to withdraw their petition moved before the National Company Law Tribunal seeking liquidation of the petitioner company.
Justice A. Rajasheker Reddy, while allowing the petition of the company, found fault with the State Bank of India moving the NCLT even after the company agreed to pay Rs 1,275 crore to the Consortium of Banks as one time settlement.
The judge noted that the Andhra Pradesh government has rejected the supply of bauxite to the company which has dented flow of investments into the company, but the company has come forward for the one-time settlement.
The judge pointed out that it would not be proper for the SBI not to consider the fact that Andhra Pradesh government had rejected the supply of bauxite to the company.
