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L&T Infrastructure Finance Company moves NCLT against Essar Power

However, being the guarantor for its subsidiary, Essar Power, too, defaulted on its guarantee.

Vinay Umarji 

power

After Essar Steel, now (EPL) has been taken to the National Company Law Tribunal (NCLT), Ahmedabad, by one of the lenders on Tuesday.

As a financial creditor of EPL’s subsidiary Gujarat (EPGL), had been claiming dues worth Rs 45.54 crore in which the latter defaulted. However, being the guarantor for its subsidiary, Essar Power, too, defaulted on its guarantee.

As a result, L&T Infrastructure Finance Company’s legal counsel Arjun Sheth & Associates has filed an interlocutory application under Section 7 of the Insolvency and Bankruptcy Code with a plea to initiate corporate insolvency resolution process against

The two-member bench, comprising Harihar Prakash Chaturvedi and Manorama Kumari, have issued a notice to to present their arguments before admitting the financial lenders’ plea. The matter will now be heard in early week of April.

First Published: Tue, March 05 2019. 21:41 IST
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