New Delhi: Allowing the plea of consortium of lenders led by SBI, the National Company Law Tribunal (NCLT) today appointed interim resolution professional (IRP) to initiate bankruptcy proceedings against Monnet Ispat & Energy Ltd.
The Mumbai bench of NCLT appointed Sumit Binani as IRP for carrying out the Corporate Insolvency Resolution Process (CIRP) of the company, Monnet Ispat said in a filing to the BSE.
“Sumit Binani, IRP supported by Grant Thornton Advisory Pvt Ltd, the financial adviser for managing the operations of the company has been appointed for carrying out the CIRP of the Company.
“Upon initiation of CIRP, the powers of the Board of Directors has been suspended & shall be exercised by the IRP,” the filing said.
NCLT’s …
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