NCLAT asks NCLT to provide hearing opportunity to 2 top Videocon Telecom execs whose bank accounts were frozen

New Delhi: The National Company Law Appellate Tribunal (NCLAT) has directed the NCLT to go for “fresh determination” and pass a new order after providing opportunity of hearing to two former employees of Videocon Telecommunications, whose assets and bank accounts were frozen.
Directing the Mumbai Bench of the National Company Law Tribunal (NCLT) to pass necessary fresh recent orders in a “fair, just, dispassionate manner on merits, afresh”, the appellate tribunal said “there was negation of principles of natural justice” by it.

The NCLAT observed that as per the National Company Law Tribunal Rules, 2016, both the appellants – Arvind Bali and Satpal Bansal – former CEO and CFO of the debt-ridden company, were not provided an opportunity of hearing and to file their reply by NCLT.