180-day moratorium: 3 of 4 firms seek extension, one goes for liquidation

4 of the cases were UB Engineering, Innoventive Industries, Nicco Corporation, Synergies Dooray

Insolvency process has gathered momentum in the country with the National Company Law Tribunal (NCLT) taking a call on whether to extend the 180-day moratorium for restructuring companies or liquidating their stocks. 

Four of the earliest cases were UB Engineering, Innoventive Industries, Nicco Corporation and Synergies Dooray. While the first three of these companies have sought an extension, the last one to go for liquidation.

Vijay Mallya-led UB Engineering’s case was admitted on January 19. Its 180-day moratorium will end on July 18. The company has been granted an extension of 90 days for the completion of the resolution process.