NCLAT stays IRP from taking over Shriram EPC management

IRP was appointed by the NCLT, Chennai, after a petition by Rio Glass Solar SA

Shriram EPC, a service provider of integrated design, engineering, procurement and construction, has said that it has received a stay order against an interim resolution professional (IRP) taking over the management of the company, earlier this month.

According to a regulatory filing with the exchange, the company said that the IRP was appointed by the National Company Law Tribunal (NCLT), Chennai, after a petition by Rio Glass Solar SA.

The company has moved against this order at the National Company Law Appellate Tribunal (NCLAT), New Delhi, and attained a stay on taking over the possession of Shriram EPC, said a letter by the IRP, which was submitted by the company to BSE.

Rio Glass Solar has filed an application to initiate Corporate Insolvency Resolution Process against Shriram EPC on account of payment default with respect to outstanding debt to the tune of Euro 4,151,570.52 along with an interest of Euro 251,028.18 and expenses of an arbitral award issued on February 12, 2015. This is on account of 41,850 parabolic mirrors delivered to the company, which were not collected and had been stored by the seller after manufacturing, it added.