KOLKATA: The National Company Law Tribunal has ordered corporate insolvency resolution process against Assam Company India for defaulting Rs 596 crore in payments to Srei Infrastructure.
The company, which is into multifaceted activities from tea plantation to oil & gas exploration, had guaranteed a Rs 100 crore loan taken by one Gujarat Hydrocarbon & Power SEZ Ltd in Janaury 2011, is facing the bankruptcy proceedings for failing to honour the guarantee.
Assam Company, promoted by Aditya Jajodia, had agreed to repay the debt with interest and penalty as a guarantor in the event of default by the principle borrower. The overdue amount on the loan account has grown to Rs 596 crore.
The ordered was passed by NCLT’s Guawahati bench las…
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