Nagpur-based Gupta Coal India files for insolvency

Gupta Coal has joint ventures with Maharashtra Vidyut Nigam, AP Coal Washeries and Monnet Daniels Coal Washeries

Nagpur-based Gupta Coal India has filed for insolvency at the National Company Law Tribunal. The petition says there are liabilities of Rs2,580 crore towards eight major banks. 

A source told this newspaper, “Allahabad Bank, ICICI Bank, Indian Overseas Bank, Union Bank of India, Vijaya Bank, IDBI Bank, Punjab National Bank and Bank of India are lenders.” Gupta Coal supplied to power generating companies, including Monnet Ispat Energy.

This is one of the biggest amounts in question in a petition fied since the Insolvency and Bankruptcy Code took effect. Gupta Coal also has joint ventures with Maharashtra Vidyut Nigam, AP Coal Washeries and Monnet Daniels Coal Washeries. The company was founded in 1940.