IVRCL

The Hyderabad-based firm is under liquidation following an NCLT order in 2019, brought on by mounting debts and defaults

The company is under liquidation as a going concern following an order by the National Company Law Tribunal (NCLT), Hyderabad bench

Total income declined 11% to Rs 398 cr; accumulated losses for 9 months to Dec at Rs 2,768 cr

The company had registered a net loss of Rs 345.47 crore in the same period a year ago

The overall income from operations has declined 22% to Rs 501.45 crore from Rs 641 crore during the review period

Shares were allotted by the debt-ridden firm as part of a strategic debt restructuring

To question the company officials in the flyover accident that took at least 25 lives in Kolkata on Thursday.

The stock hit a low of Rs 5.70, its lowest level since July 2003, and fallen 16% in past two trading sessions on the BSE.

Debt-laden infrastructure company IVRCL faced its biggest crisis when a flyover it was constructing in Kolkata collapsed on Thursday, claiming several lives. The company has not faced an accident of such magnitude in its 27-year history. It had been building the Vivekananda Road flyover in Kolkata for seven years. Though IVRCL's projects have exceeded execution time-lines, none matched the delay of this one.Promoted by E Sudhir Reddy in 1987, IVRCL started facing financial difficulties in 2012 over shrunken irrigation budgets and project delays.It ended up with debt of Rs 10,000 crore and accumulated losses of Rs 2,000 crore and went in for a corporate debt restructuring in April 2014. In November 2015, banks invoked strategic debt restructuring to recover their money and approved a resolution to acquire 50 per cent of the company's shares in an attempt to find a buyer. The consortium of lenders or the Joint Lender's Forum recently converted a part of their debt to equity and now hold

It also added that the design of the flyover, whose collapse snuffed out 18 lives, was made by a reputed consultant from Kolkata