KOLKATA: The way India deals with sick business is in for a shakeout. While Innoventive Industries moved the Bombay HC against the bankruptcy law, the Insolvency & Bankruptcy Board of India registered six other cases, one from liquor baron Vijay Mallyas UB Engineering.
ICICI Banks application for insolvency resolution against Innoventive was the first to be registered by the Board. Among other cases are Srei Equipment Finances application against Sree Metaliks, insolvency filing by Nicco Corporation and Bhupen Electronics Ltd.
The National Corporate Law Tribunal asked lenders to submit proof of their claims against these sick units and defaulters to interim insolvency resolution professionals. The law allows banks to liquidate assets…
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