Nagpur: After the Insolvency and Bankruptcy Code was implemented in December last, seven cases related to companies with a Nagpur link have been filed. The code has a faster system for resolution of Non-Performing Assets (NPA). The case can be filed by both borrower or lender, with the option of reviving the company considered before going ahead with liquidation. Apart from bankers, even specified creditors like material suppliers can file an insolvency resolution.
The total outstanding dues in the cases relating to Nagpur companies stand at over Rs4,700 crore. The companies include Gupta Group, Facor, Uttam Galva, Murli Industries, and DLS Industries.
The management of Gupta Group filed insolvency resolutions for three of it…
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