NCLAT lifts stay on constitution of CoC in insolvency proceeding of HNG

The National Company Law Appellate Tribunal (NCLAT) has lifted the stay on the constitution of the Committee of Creditors (CoC), which it had granted earlier, in the insolvency resolution process of Hindusthan National Glass and Industries Ltd (HNG). The NCLAT has now not only directed the Interim Resolution Professional (IRP) to take steps for the constitution of CoC but also maintain the timeline of completion of CIRP proceedings.