NCLT approves insolvency resolution plea of Era Infra

The National Company Law Tribunal (NCLT) on Tuesday approved the Union Bank of India's insolvency resolution plea against Era Infra Engineering.

With this mandate, the insolvency process of the real estate major will officially commence.

In 2017, the Reserve Bank of India (RBI) had referred the insolvency case involving Era Infra to the NCLT for a debt amounting to Rs. 13,000 crore.

Apart from the above company, 12 other firms were referred by the RBI to the NCLT in its first list, including Ruchi Soya, Jaypee Infratech, and Bhushan Steel among others.

Recently, reports suggested that FMCG major Patanjali Ayurved had made the highest offer for Ruchi Soya Industries that is undergoing bankruptcy process.

As per reports, the edible oil and soya foods manufacturer is facing claims of Rs 12,000 crore, due to which auction process was initiated by the Centre.