Photo: Mint
New Delhi: The National Company Law Tribunal (NCLT) principal bench on Tuesday admitted Union Bank of Indias (UBIs) plea seeking initiation of insolvency proceedings against Era Infra Engineering Ltd for recovery of Rs681.04 crore, along with an overdue external commercial borrowing of $11.97 million.
The order on admission of the plea was reserved by a bench headed by President Justice M.M. Kumar on 25 April. Era Infra is the last of the 12 large loan defaulters, identified by the Reserve Bank of India last June to be referred to bankruptcy courts.
The admission kick-starts a time-bound 180-day insolvency resolution process, which can be extended by an additional 90 days, for debt-ridden Era Infra. As a result, management cont…
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