The National Company Law Appellate Tribunal (NCLAT) on Wednesday, July 25, 2018 resolved the stay order against Chennai based, Shriram EPC in connection with a petition filed by ACRE (Asset Care & Reconstruction Enterprises) under Corporate insolvency Resolution process of the corporate debtor.

The NCLAT accepted the stand that there was no default on part of the Corporate Debtor (Shriram EPC) and that the issue arose because the consortium bankers did not accept ACRE as a lender since the deed of Accession was not executed by them. The bench had also noted that the issues between ACRE and consortium now stand resolved.

The NCLAT has set aside the order of the NCLT Chennai and closed the CIRP process.

Shares of the company gained Rs 1.82, or 13.07%, to trade at Rs 15.75. The total volume of shares traded was 11,376 at the BSE (9.27 a.m., Friday).