The Hyderabad Bench of the National Company Law Tribunal has permitted corporate insolvency proceedings against Ind-Bharat Energy (Utkal Limited), as per the provisions of the Insolvency and Bankruptcy Code, 2016 paving the way for resolution.
The Tribunal, while delivering its order on petitions filed by Bank of Baroda and Macquarie arm MAIF Investment India pte Limited, Singapore, to initiate insolvency proceedings and staking claims respectively, appointed Udayraj Patwardhan as the insolvency resolution professional.
The NCLT, while directing the matter for consideration under the Corporate Insolvency Resolution Process, declared a moratorium against institution of suits or continuation of pending suits against the corporate debtor an…
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