VA Tech Wabag moves appellate tribunal against NCLT insolvency order

Company claims it is completely solvent, blames Consolidated Construction Consortium for defaulting on obligations

Water technology firm VA Tech Wabag Ltd has filed an appeal with the National Company Law Appellate Tribunal (NCLAT) against an order of the National Company Law Tribunal (NCLT) initiating corporate insolvency resolution process. NCLT, last week, issued an order under the provisions of the Insolvency and Bankruptcy Code, 2016, and appointed an Interim Resolution Professional (IRP) to take charge of the management of the company, in a petition filed by Consolidated Construction Consortium Ltd (CCCL).

VA Tech Wabag said that the company is completely solvent. CCCL had worked as a sub-contractor for the company's 50 million-gallons-a-day water treatment plant,