NCLT likely to appoint insolvency resolution petition for IVRCL on Jan 8

BS ReporterHyderabad, 2 January: Hyderabad bench of National Company Law Tribunal(NCLT) is likely to admit the insolvency resolution petition against Hyderabad-based infrastructure company IVRCL on January 8. The State Bank of India(SBI), one of the corporate creditors of the debt-laden firm, had moved NCLT for initiation of insolvency resolution process against IVRCL to recover its loans under Section 7 of the Insolvency and Bankruptcy Code(IBC) on December 11,2017.The NCLT bench has posted the matter for January 8 while asking the petitioner to come back with the name of an interim resolution professional(IRP) for the initiation of resolution process that starts with the appointment of an IRP. The bank had extended a total loan of Rs 8.99 billion to the company under various facilities, including working capital loan, out of which the corporate debtor defaulted on payment of Rs 6.04 billion to the lender, as per the claims made by SBI in its insolvency application.The bench ...