 "Sivasankaran")
The National Company Law Tribunal (NCLT), Chennai, has rejected the debt resolution proposal of Siva Industries which was earlier cleared by IDBI Bank-led Committee of Creditors (CoC).
Slamming the lenders, the NCLT said it would go by its “judicial wisdom” rather than approving the “commercial wisdom” of the CoC. According to the plan approved by the CoC, lenders were taking a massive haircut by agreeing to Rs 328 crore as settlement amount, as against claims worth Rs 4,864 crore made by them.
The NCLT said the application made by RCK Vallal, one of the shareholders of the company, is not conforming to
