KOLKATA/MUMBAI: The debt resolution process for Nicco Corporation, one of the first movers to the National Company Law Tribunal (NCLT) after creation of the Bankruptcy Code, is still hanging in the balance with its lenders suggesting the company to rework the resolution plan, according to sources close to the development.
This has also put Indias new bankruptcy law into a test as to whether the system is geared up to finalise debt resolution for insolvent companies within the stipulated 180 days. The new law came into vogue at the end of last year and NCLT has ordered resolution process against 112 sick companies so far.
The committee of creditors for Nicco has agreed to seek a three month extension, reflecting a failure in completin…
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