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.

The powers of the board and the management are fully restored. About