Insolvency: NCLT reserves order against ABG Shipyard filed by ICICI bank

ABG Shipyard owes an outstanding debt of over Rs 10,000 cr

The Ahmedabad bench of National Company Law Tribunal (NCLT) on Thursday reserved its order on insolvency proceedings initiated by lender ICICI Bank against ABG Shipyard Ltd. Amidst an insolvency petition filed by another 20 unsecured creditors at the Gujarat High Court (HC), the NCLT bench asked the parties to file details of the same before the tribunal.

ICICI Bank Ltd had filed an insolvency petition against the debt-ridden ABG Shipyard Ltd under the Insolvency and Bankruptcy Code (IBC) 2016 before the NCLT's Ahmedabad bench chaired by Justice Bikki Raveendra Babu. The tribunal will be announcing the date of pronouncement later