The National Company Law Tribunal (NCLT) has admitted Indian Overseas Banks petition seeking initiation of a corporate insolvency resolution process against textile manufacturer Shrivallabh Pittie South West Industries.
The tribunal appointed Avil Menzes as the interim resolution professional to take over the day-to-day affairs of the company.
Indian Overseas Bank, one of the financial creditors, had dragged the debt-laden firm to NCLT over non-payment of dues after it failed to make a payment of Rs. 73.92 crore to the bank.
According to the order, the lenders consortium, including the bank, and the company executed a working capital consortium agreement in March 2012.
Pertinently, Shrivallabh Pittie repeatedly defaulted in repaying th…
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