NEW DELHI: The National Company Law Tribunal (NCLT) has directed initiating insolvency proceedings against Bhushan Energy Ltd after admitting a plea from the country’s largest lender State Bank of India (SBI).
A two-member bench of NCLT has appointed Navneet Kumar Gupta as the interim resolution professional (IRP) to initiate insolvency proceedings.
Bhushan Energy Ltd, the corporate debtor, had a default of Rs 494.09 crore as on October 31, 2017.
“… We accept the appointment of Mr Navneet Kumar Gupta to act as IRP,” said the NCLT bench comprising President M M Kumar and Deepa Krishan.
The tribunal had directed IRP to perform his functions “religiously and strictly” and directed all the company personnel to cooper…
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