KOLKATA: The National Company Law Tribunal (NCLT) has ordered corporate insolvency resolution process against Assam Company India for defaulting Rs 596 crore in payments to Srei Infrastructure.
The company, into multifaceted activities ranging from tea plantation to oil and gas exploration, had guaranteed a Rs 100-crore loan taken by Gujarat Hydrocarbon & Power SEZ in January 2011. It is facing bankruptcy proceedings for failing to honour the guarantee.
Assam Company, promoted by Aditya Jajodia, had agreed to repay the debt with interest and penalty in the event of default by the principal borrower. The overdue amount on the unpaid loan has reached Rs 596 crore.
The order was passed by NCLTs Guwahati bench last week. We have issued …
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