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NCLT initiates corporate insolvency resolution process for IVRCL

SBI had sanctioned a total debt of Rs 11.45 billion under various facilities to the company

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BS Reporter Hyderabad
Hyderabad bench of National Company Law Tribunal(NCLT) has initiated the corporate insolvency resolution process(CIRP) for the debt-laden IVRCL. The bench has issued an 11-page order after examining the matter involving multiple hearings.

The bench has appointed Sutanu Sinha as the interim resolution professional(IRP) for conducting the resolution process while imposing moratorium on all the pending suits against the company besides barring the corporate debtor from entering into any fresh transactions involving the company assets.

In December 2017 State Bank of India(SBI) had moved the tribunal seeking the initiation of insolvency process against the company for defaulting on payment

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