The National Company Law Tribunal (NCLT) on Monday passed an order cancelling the auction of 9,000 acres belonging to the Lepakshi Knowledge Hub in Sri Sathya Sai District as the successful bidder, Haritha Fertilizers Limited, failed to deposit ₹500 crore by the due date of September 5.
The NCLT has ordered a reassessment of the value of the said land and start the process of corporate insolvency resolution again.
Showing a copy of the NCLT order, Public Accounts Committee (PAC) Chairman Payyavula Keshav told the media here on Monday that there was a provision in the NCLT insolvency resolution process to file criminal cases against the defaulters in such auction process.
