MUMBAI: Innoventive Industries, the company that lost a case under the Insolvency and Bankruptcy Code, has moved the Bombay High Court questioning the constitutional validity of the law that allows banks to liquidate assets of a company whose debts are not recast within 180 days.
ICICI Bank had filed a case at the National Company Law Tribunal (NCLT), the first under the new law, to initiate corporate insolvency resolution process on Innoventive Industries. Sources said Innoventive Industries, which defaulted on Rs 900 crore to lenders, approached the court on Thursday seeking its intervention. The case is due for hearing on February 24.
The company is declared as a relief undertaking by the Maharashtra government under a state law. …
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