Mumbai: ICICI Bank Ltd has filed an application in the National Company Law Tribunal (NCLT) against Innoventive Industries Ltd to initiate a corporate insolvency process under the new bankruptcy law.
This is the first case in India filed under the Insolvency and Bankruptcy Code, 2016, and it will provide a primer on how the new law will help tackle the banking systems nearly Rs6.7 trillion of bad loans.
The Pune-based steel products maker, which had debt of Rs955 crore at the end of September, has contested the petition. It said that it is not in default because the industries, law and labour departments of the Maharashtra government had notified a suspension of the firms liabilities from 22 July 2016 to 21 July 2017.
There…
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