A two-member bench of NCLT has appointed Navneet Kumar Gupta as the interim resolution professional (IRP) to initiate insolvency proceedings.
Bhushan Energy Ltd, the corporate debtor, had a default of Rs 494.09 crore as on October 31, 2017.
"... We accept the appointment of Mr Navneet Kumar Gupta to act as IRP," said the NCLT bench comprising President M M Kumar and Deepa Krishan.
The tribunal had directed IRP to perform his functions "religiously and strictly" and directed all the company personnel to cooperate with him.
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During the proceedings, counsel appearing on behalf of Bhushan Energy opposed it and contended that the petition was not maintainable because it has not been filed by competent authority.
Rejecting it, NCLT said that the objections does not warrant acceptance and the same is liable to be overruled.
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