Gujarat NRE said its plan to sell the assets was approved by its lenders in March 2015.
In a striking turn of events, a company that had moved the Kolkata bench of the National Company Law Tribunal (NCLT), voluntarily declared itself insolvent and got an administrator appointed, is now seeking lifting of the moratorium on the sale of its assets in the interest of its creditors.
Gujarat NRE Coke Ltd was one of the early birds in moving NCLT. Its application for appointment of an interim resolution professional (IRP), or an administrator, was admitted in early April without any of the creditors opposing it. While appointing chartered accountant Sumit Binani as IRP to take control of the companys assets and operations, NCLT imposed a moratori…
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