The NCLT approval comes after it dismissed the petitions filed by Standard Chartered Bank and Singaporean lender DBS, which had both challenged the low bid by Patanjali and the resultant lower payout.
Sterling SEZ case: NCLT gives an earful to bankers who want to withdraw bankrupcty proceedings, orders their personal presence
The NCLT also warned of punitive actions against the CoC members if they failed to be present at the next hearing on Friday.
Vijay Mallya fails to convince UK court to dismiss Indian banks' bid to recover dues, seeks stay on all enforcement proceedings
The banks have since filed a bankruptcy petition against Vijay Mallya in the UK courts, which is being challenged by the former Kingfisher Airlines boss and is expected to come up for hearing around December this year.
Troubles mount for Vijay Mallya: After extradition setback, liquor baron set to face bankruptcy proceedings in UK High Court
Vijay Mallya remains on bail after his extradition was recently ordered by Westminster Magistrates' Court in London, an order which now awaits a sign-off by UK home secretary Sajid Javid.