In two separate orders, the Mumbai bankruptcy court dismissed Canara Bank‘s petition to admit GTL Infrastructure and GTL Ltd for corporate insolvency.
The two-member bench relied on the Supreme Court‘s order of Vidarbha Industries Power for GTL Infra and the failure of lenders to adhere to the central bank’s guidelines for GTL, according to the copies of the order reviewed by ET.
In the case of GTL Infra, the bench observed that the corporate debtor claims from various telcos would be sufficient to pay the debt of the lender. These include a 13,394 crore claim against Aircel entities, a separate appeal for recovery of 900 crore is pending, and it must recover dues from Tata Teleservices, ATC and BSNL aggregating to 421 crore, pending ar…
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