The National Company Law Tribunal has admitted real estate and construction company Renaissance Indus Infra under the corporate insolvency resolution process (CIRP) following a plea by its financial creditor Catalyst Trusteeship.
The lender had moved the bankruptcy court after the company defaulted on its dues worth nearly Rs 444 crore. The tribunals Mumbai bench has appointed Birendra Kumar Agarwal as the insolvency resolution professional (IRP) to carry out the function under the Insolvency & Bankruptcy Code, 2016.
Renaissance Group through its special purpose vehicle (SPV) project RUIPL and Renaissance India had initially availed funding from Edelweiss Financial Services. As per the debt term sheet signed in 2018, the company was propos…
Read the full article at: https://economictimes.indiatimes.com/industry/services/property-/-cstruction/nclt-admits-insolvency-resolution-plea-against-renaissance-indus-infra/articleshow/99335674.cms