HYDERABAD: In an order involving insolvency process of Kamineni Steel, NCLT exercised discretionary powers in determining voting share of lenders for approving resolution plan, while indicting three dissenting banks for their ambiguous stand.
The NCLT bench at Hyderabad has passed strictures on officials of PSBs while approving the resolution plan involving one time settlement submitted by the resolution professional.
It has indicted the dissenting banks for failing to clearly spell out their alternatives instead of just dissenting the resolution plan.
While five out of eight financial creditors with around 66.67% of voting share favoured the resolution plan, three public sector banks with minority voting share dissented i…
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