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NCLT dismisses insolvency plea against Era Infrastructure

IANS  |  New Delhi 

The bench of the (NCLT) has dismissed ICICI Bank's plea to initiate proceedings against Era Infrastructure.

Dismissing the case on account of "duplication", it said that the "petition cannot be entertained".

The bench noted that the private lender has already raised similar claims against parent company Era Infra Engineering, which is currently undergoing resolution process.

"This is again raised for admission in the present proceeding. Such a course obviously is not permissible in law," said th two-member bench headed by Justice M.M. Kumar, the of NCLT.

was in the first list of the 12 defaulting companies sent by the Reserve Bank of to the banks in 2017 for recovery of debt through the and Code (IBC).

The NCLT had admitted ICICI Bank's plea for proceedings against on December 6, 2018.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, May 12 2019. 20:14 IST