NCLAT rejects bankruptcy board's plea against telecom tower firm GTL Infra

Corporate debtor's business is sustainable and it is a viable going concern, NCLT had ruled

The National Company Law Appellate Tribunal (NCLAT) has dismissed as "infructuous" a plea by the Insolvency and Bankruptcy Board of India, saying IBBI has nothing to do with the litigation between lenders and GTL Infrastructure.

The Mumbai bench of the National Company Law Tribunal (NCLT) last November dismissed a petition by Canara Bank against GTL Infrastructure and associate unit GTL, saying both companies are going concerns and are repaying their debt.

As per the NCLT order, GTL Infrastructure, a telecom tower company, has monthly revenues of Rs 120 crore (net of GST), showing that it is a viable going concern.