ENA Sectors 2024-06-14 16:21:56 <p><span style="font-size:14px"><strong>New Delhi, Jun 14 (KNN)</strong> The National Company Law Appellate Tribunal (NCLAT) has temporarily halted the transfer of ownership of the SAIL-Steel Complex, a public sector undertaking located in Kozhikode, Kerala, to Chhattisgarh Outsourcing Limited.</span></p> <p><span style="font-size:14px">This interim order comes after the Kerala State government filed an appeal against an earlier tribunal ruling that had approved handing over the company to the Chhattisgarh-based firm under a resolution plan.</span></p> <p><span style="font-size:14px">The original NCLT order had cited the SAIL-Steel Complex's default on repaying a Rs 45 crore loan taken from Canara Bank in 2013 as grounds for the handover. Canara Bank had approached the tribunal alleging non-payment of the outstanding dues.</span></p> <p><span style="font-size:14px">In its appeal, the Kerala government argued that the Steel Complex, being situated on state-acquired land, cannot be transferred to another entity without proper permission from the state authorities.</span></p> <p><span style="font-size:14px">The SAIL-Steel Complex is a joint venture between the Steel Authority of India Limited, a central public sector unit, and Steel Complex Limited, owned by the Kerala government.</span></p> <p><span style="font-size:14px">The company scaled back operations in 2014 before entirely ceasing business activities in December 2016.</span></p> <p><span style="font-size:14px">The NCLAT's interim stay order puts the ownership transfer on hold until the appeals process is complete and a final ruling is issued. Further hearings on the matter are expected in the coming weeks.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 38208 https://knnindia.co.in/news/newsdetails/sectors/nclat-halts-handover-of-sail-steel-complex-to-chhattisgarh-firm 2024-06-14 16:21:56 knnindia.co.in