An insolvency court in Mumbai has ordered the liquidation of Bharati Defence and Infrastructure Ltd, after rejecting the resolution plan submitted by Edelweiss Asset Reconstruction Co Ltd, leaving two dozen defence vessels stranded and a clutch of lenders standing to lose as much as 11,373.40 crore the debt-laden shipbuilder owes them.
More than 850 employees would lose their jobs in what was once Indias second biggest private shipyard with a much sought-after license from the government to build warships.
Uncertainties and speculation
By throwing out the resolution plan, the Mumbai bench of the National Company Law Tribunal(NCLT), has foiled the game plan of Edelweiss ARC, said a person tracking the case.
The resolution plan was backed by…
Read the full article at: https://www.thehindubusinessline.com/companies/nclt-orders-liquidation-of-bharati-shipyard/article26000863.ece