The National Company Law Tribunal (NCLT) has allowed insolvency proceedings against debt-ridden Moser Baer India, a manufacturer of CDs and DVDs.
In a regulatory filing, Moser Baer said the decision has come on a plea filed by its lender Alchemist Asset Reconstruction Company Ltd.
The NCLT in its September 20 order has allowed liquidation of the company due to non-receipt of any resolution plan. It has also appointed an Interim Resolution Professional (IRP), it said.
The average liquidation value comes to Rs 337.45 crore. The total financial debts due to financial creditors as on the corporate insolvency commencement date has been stated as Rs 4,356.12 crore, it added.
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