New Delhi: The central government has reached NCLAT challenging an order of NCLT. The NCLT ordered SFIO to investigate two companies. The Central Government has stated in its petition that the NCLT does not have the authority to make such an order. The government said that only the Ministry of Corporate Affairs has the authority to order SFIO for investigation. The NCLT has ordered an inquiry beyond the jurisdiction obtained under the Companies Act. The case came to NCLAT  for the hearing last week.

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It had stayed the NCLT order while hearing this. A three-member bench headed by Justice SJ Mukhopadhyay had said that status quo should be maintained till further orders. The NCLT was monitoring the action on Zinc Exports as part of the insolvency process. In the meantime, it ordered SFIO to investigate the fraud case on 16 November 2018. In the case of Luxury Trains Pvt Ltd, Maharashtra Tourism Development Corporation had filed an insolvency petition.

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On October 8, 2018, NCLT appointed Resolution Professional (RP) for the insolvency process of the company. RP had talked about fund diversion in the company. Subsequently, the NCLT ordered SFIO to investigate Luxury Trains Pvt Ltd. But SFIO refused to investigate, citing some reasons.

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