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Indian tribunal orders liquidation of Gujarat NRE Coke


(Reuters) - The Tribunal (NCLT) has ordered of Ltd after the company's debt resolution plans failed.

The Kolkata bench of the NCLT, the designated court for 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.

Under India's rules, a company goes into if no other debt resolution plan works out even after 270 days of the case getting admitted.

(Reporting by in Bengaluru; Editing by Gopakumar Warrier)

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

First Published: Fri, January 12 2018. 13:56 IST