The National Company Law Appellate Tribunal (NCLAT) has upheld the decision to dismiss Kesoram Industries’ appeal against the National Company Law Tribunal’s (NCLT) ruling in Kolkata. The NCLT had rejected Kesoram’s claim of being a financial creditor of Birla Tyres Ltd. NCLAT ruled that Kesoram failed to substantiate the nature of the transaction as a deposit or loan, stating, “the
