Insolvency row: SBI moves NCLT against debt-ridden IVRCL as deadline looms

Move comes months after IVRCL failed to get a new promoter on board within the prescribed time limit

The 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 non-performing assets (NPA) outside the NCLT mechanism is set to expire on December 13.

The bank has filed a petition before the Hyderabad bench of NCLT under Insolvency and Bankruptcy Code (IBC) seeking the initiation of insolvency process for IVRCL in the second list. 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