NCLT allows CBI's insolvency plea against Moser Baer Solar

The National Company Law Tribunal has allowed the insolvency plea of public sector lender Central Bank of India against Moser Bear Solar Ltd.
The principal bench of the NCLT comprising president M M Kumar and Member Deepa Krishnan has appointed Ritu Rastogi as the interim resolution professional (IRP) for the company to carry out the proceedings under the Insolvency and Bankruptcy Code (IBC).
The Central Bank of India had moved NCLT to recover dues of Rs 114 crore, which Moser Bear Solar had defaulted on.
During the proceedings, counsel appearing for Moser Bear Solar accepted the notice and said that "filing of reply would not be necessary".

"Thus, it is apparent that the corporate debtor (Moser Baer Solar) does not oppose the application of the financial creditor (CBI)... and accordingly has nothing to say in respect of commission of default," the tribunal observed.
It further said:" For the reasons, aforementioned this petition is admitted. Ms Ritu Rastogi who is duly registered with Insolvency and Board of India is hereby appointed as an IRP."
The tribunal has also directed all persons connected with Moser Bear Solar and its promoters or any other person associated with the management to extend "every assistance and cooperation to the IRP a may be required by her in managing the day to day affairs" of the company.

"In case, there in any violation IRP would be at liberty to make appropriate application in the tribunal with a prayer," it added.