NCLT questions insolvency proceedings

The next date of hearing on this issue is on July 25

A bench of National Company Law Tribunal (NCLT) on Tuesday wanted to know if corporate insolvency proceedings could be maintained when the winding up process is already on in courts. The New Delhi Bench of NCLT was hearing an insolvency application against Era Infra Engineering filed by Union Bank of India. 

Winding up proceedings against Era Infra are going on in Delhi High Court. The Bench asked the counsel of Union Bank if insolvency proceedings against Era Infra could be initiated in this case, sources said. Union Bank had sought the appointment of an interim insolvency professional for repayment of loans.

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