Live
- BJP MP candidate Bharat Prasad visited the student who tried to commit suicide
- PM’s popularity in the fast lane: Autos with 'Har Dil Mein Modi' slogan spotted across Delhi
- Delhi-based political parties are like East India Company: Sukhbir Badal
- Golf: Diksha moves into Top-20 at South African Women’s Open
- KCR lashes out against BJP and Congress for destroying Telangana
- Dairy Science students visited the Milk cooling plant
- Moody feels Pant ahead in keepers’ race for T20 WC squad; Srikkanth picks Rahul over Samson as reserve keeper
- Thanking voters for extending 'unparalleled support' to NDA, PM Modi says second phase 'too good'
- Natural Relief for Menstrual Cramps: Beetroot Juice Recipe
- Asha Worker died in a road accident
NCLT begins insolvency proceedings against Andhra Cement
Debt-ridden Jaypee Group entity failed to abide by its repayment obligations of `804.72cr
Hyderabad: The National Company Law Tribunal (NCLT) has directed to initiate insolvency proceedings against Andhra Cement, a company owned by the debt-ridden Jaypee Group.
The Hyderabad Bench of the NCLT has also appointed Nirav K Pujara as the Interim Resolution Professional (IRP) of the company, and declared a moratorium in respect of the company as per the provision of the Insolvency & Bankruptcy Code (IBC).
"The company is now under CIRP (Corporate Insolvency Resolution Process) as per the provisions of the code. As per Section 17 of the code, the powers of the board of directors of the company stand suspended and as such the powers shall be vested with and exercised by the IRP," Andhra Cement said.
The company has also shared the order passed by the insolvency tribunal on April 26, 2022, in this regard. Meanwhile, in a separate filing, Andhra Cement has invited its creditors to submit their claims by May 10, 2022, before the IRP.
NCLT's direction came after a petition filed by Pridhvi Asset Reconstruction and Securitisation Company Ltd, claiming a default. Andhra Cement had taken loans from several banks, including IDFC First Bank, HDFC and Karur Vysya Bank, and amounts were disbursed during the period from 2012 to 2016. Subsequently, Edelweiss Asset Reconstruction Company Limited acquired the loans and underlying security interest, including all rights, title and interest therein, held by the original lenders.
Later, the petitioner acquired loans to an extent of Rs804.72 crore and underlying security interest, including all rights, title and interest held by Edelweiss Asset Reconstruction and Karur Vysya Bank. Andhra Cement failed to abide by its repayment obligations, following which Pridhvi Asset Reconstruction and Securitisation Company moved the NCLT.
