VA TECH WABAG, a construction company that focuses on water project, denied reports that it was insolvent and said it was appealing the recent order of the Chennai bench of National Company Law Tribunal.
The bench, at its hearing held on 6th October 2017 has passed an order for initiation of Corporate Insolvency Resolution Process (CIRP) under the provisions of insolvency and Bankruptcy Code, 2016 (IBC), the company said, adding that it is completely solvent.
The Company has filed an appeal against this Order with the National Company Law Appellate Tribunal (NCLA), it said.
The order came in a case filed by Consolidated Construction Consortium Limited, which sought to recover its dues.
CCCL had worked as one of the sub-contractors for the C…
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