ALSO READNCLT orders liquidation proceedings against debt-ridden Gujarat NRE Gujarat NRE Coke reports standalone net loss of Rs 118.82 crore in the June 2017 quarter Gujarat NRE Coke reports standalone net loss of Rs 105.88 crore in the September 2017 quarter Gujarat NRE Coke to declare Quarterly Result Gujarat NRE Coke schedules board meeting
The Kolkata bench of the NCLT, the designated court for bankruptcy cases, on Thursday passed the order, which was filed with the stock exchanges on Friday.
NCLT-appointed liquidator will first try to dispose off the company as a "going concern" in a bid to save jobs of the 1,178 employees, according to the order.
If the plan does not succeed within three months, then other modes of asset sales will be explored, the NCLT said. http://bit.ly/2D32M3g
(Reporting by Vishal Sridhar in Bengaluru; Editing by Gopakumar Warrier)
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