IVRCL: NCLT admits SBI’s insolvency petition

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New Delhi | Published: March 4, 2018 2:48:52 AM

The National Company Law Tribunal on Tuesday admitted State Bank of India’s (SBI) insolvency plea against IVRCL.

National Company Law Tribunal, nclt, sbiNational Company Law Tribunal

The National Company Law Tribunal (NCLT) on Tuesday admitted State Bank of India’s (SBI) insolvency plea against IVRCL — one of the 28 accounts on the Reserve Bank of India’s (RBI) second list of large non-performing assets (NPAs).

In a notification to the exchanges, the company said that the Hyderabad bench of the NCLT has appointed Sutanu Sinha as the interim resolution professional (IRP) for the company through its order dated February 23.

The two-judge bench of Justices Rajeswara Rao Vittanala and Ravikumar Duraisamy noted in the order that though IDBI Capital Markets and Securities had also filed a company petition (CP) against IVRCL in its capacity as an operational creditor for a claim of `3.15 crore, the latter raised various defects in the application.

“Further, the amount of claim of financial creditors in the present case is very high and debt and default is also established. Therefore, we have taken the present CP filed by the financial creditor for initiating CIRP (corporate insolvency resolution process) process,” the order stated.

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