NCLT orders insolvency proceedings against C Sivasankaran's company

The National Company Law Tribunal (NCLT) in Chennai has ordered insolvency proceedings against businessman C Sivasankaran's Siva Industries & Holdings Ltd after hearing an application filed by IDBI Bank.

The loan was taken by Siva Ventures Ltd, which was merged with Siva Industries & Holdings Ltd with effect from April 1, 2011.

IDBI Bank approached the tribunal after Siva Industries defaulted repaying an amount of Rs 130 crore on December 31, 2018. The company also failed to discharge duty of a guarantor for the loans issued to Rudhra Pte Ltd on having the company defaulting repayment of Rs 79.45 crore as on