The National Company Law Tribunal (NCLT) at Hyderabad has accepted the insolvency petition of Synergies Dooray Automotive Ltd, from which Ford used to source automobile components.
This was the first such case filed at any of the NCLT benches under the new insolvency code. Also, one of the earliest cases accepted from the erstwhile Board for Industrial and Financial Reconstruction (BIFR). Mamta Binani, an insolvency professional involved in the case, says 93,000 cases were pending in the BIFR, which was recently dissolved. Synergies Dooray had filed at BIFR in 2005. The issue of the companys dues to EXIM Bank and recovery by Edelweiss ARC was one of the important issues. BIFR in May 2012 had directed that th…
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