 "NCLT admits ICICI Bank's insolvency petition against ABG Shipyard")
Yet another large defaulter, ABG Shipyard Ltd., on Tuesday saw insolvency proceedings under the Insolvency and Bankruptcy Code (IBC) 2016 being initiated by the Ahmedabad bench of National Company Law Tribunal (NCLT).
The bench, chaired by Justice Bikki Raveendra Babu, admitted the petition for insolvency proceedings initiated by lender ICICI Bank against ABG Shipyard Ltd for its debt default of over Rs 4,500 crore. Justice Babu appointed Sundaresh Bhat of BDO India, one of the world's largest tax and accounting firm as the interim resolution professional (IRP). A copy of the pronouncement would be put up by the NCLT later.
