IVRCL Insolvency

Hyderabad, 11 December: State Bank of India(SBI) on Monday moved the National Company Law Tribunal(NCLT) against Hyderabad-based infrastructure company IVRCL as the deadline to resolve the large NPA accounts in the second list- outside the NCLT mechanism-was set to expire on December 13.The bank has filed a petition before the Hyderabad bench of NCLT under Section 7 of the Insolvency and Bankruptcy Code(IBC) seeking the initiation of insolvency process for IVRCL. Section 7 of the IBC, 2016 provides the procedure for initiation of insolvency resolution process for the financial creditor.The move comes months after IVRCL management, which has been under the control of lenders following the implementation of strategic debt restructuring(SDR) in January, 2016, failed to get a new promoter on board within the prescribed 18 month time limit. A senior company official confirmed the development. "SBI has filed a petition for initiation of insolvency resolution, not necessarily for the ...