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NCLT pronounce liquidation of Gujarat NRE Coke

Press Trust of India  |  Kolkata 

order of city-based NRE Coke was pronounced by the bench of Tribunal (NCLT) under section 14 of and Code (IBC). The NCLT order said "The liquidator shall try to dispose off the corporate debtor company as a going concern after publication of notice in newspaper with the reserve price which shall be equal to the total debt amount including interest and maximum period applicable for trying the sale of the corporate debtor as a going concern will be three months from the date of the order." The order was issueD last night by the bench. Sumit Binani, the resolution professional (RP) of the company, is appointed as the liquidator. Last April, the tribunal had admitted an application by the under the IBC for initiating the resolution process. The company owed lenders around Rs 4,600 crore, and reported a loss of Rs 676 crore on a of Rs 541 crore in 2016-17. NRE Coke, with close to 1100 employees and workers on its rolls, would be the second based firm after to go for under IBC.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, January 12 2018. 15:40 IST
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