The National Company Law Tribunal (NCLT) on Wednesday admitted the insolvency petition filed by UB Engineering Ltd (UBEL), part of the Vijay Mallya-owned UB group. As part of the process, the tribunal’s Mumbai bench, where the petition was filed, has appointed insolvency professional A K Mehta to initiate the process of insolvency resolution.
“This is the first such case that the NCLT has admitted”, a person who was part of the filing process told Business Standard. Following the NCLT decision, the promoter UB Holdings, which owned about 37%, loses control over the affairs of the company. Failing resolution, the company will go in for liquidation. Earlier this month, the company, which owes around Rs 4…
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