Nicco Corporation was the first company to be referred to NCLT after the BIFR was scrapped. Photo: Mint
Kolkata: The Kolkata bench of National Company Law Tribunal (NCLT) has put cable manufacturer Nicco Corporation Ltd under liquidation process to meet the demands of the creditors.
The company has been put under liquidation under Section 14 of the Insolvency and Bankruptcy Code (IBC). Nicco was the first company to be referred to NCLT after the BIFR was scrapped.
It is the management which referred Nicco to NCLT, not the bankers, non-executive chairman of Nicco Rajive Kaul told PTI.
Kaul said we are really surprised to see that the company is going for liquidation even though we tried our best to avert that. The workers will be in distress …