The National Companies Law Tribunal (NCLT), Mumbai has admitted the first insolvency proceedings initiated under the Insolvency and Bankruptcy Code, 2016 (Code) by ICICI Bank, against Innoventive Industries Ltd to commence a corporate insolvency resolution process.
ICICI was represented by Cyril Amarchand Mangaldas who had briefed Zal Andhyarujina while Innoventive, the debtor company was represented by Crawford Bayley who had briefed senior counsel Ravi Kadam .
Innoventive Industries, a company, which once boasted a 52.2 crore revenue, reported losses of 955 crore at the end of September last year. After getting listed on the BSE in May 2011, the price of its share fluctuated between 136 to 76.05 for the next two years thereafte…
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