 "gavel, IBC, Insolvency, bankruptcy, court, judgement, laws")
The National Company Law Tribunal (NCLT) has ordered initiation of insolvency procedure against listed firm Eason Reyrolle in a petition filed by State Bank of India and Canara Bank. The banks together claimed over Rs 230 crore from the company, along with interest and other charges.
The company is engaged in power management products, systems and services.
The lenders requested the initiation of the Corporate Insolvency Resolution Process (CIRP) against the company, declaration of moratorium and appointment Interim Resolution Professional (IRP). Both the applications were taken up together to be disposed of in a common order.
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