The National Company Law Tribunal (NCLT) has ordered the liquidation of Pune-based steel products maker Innoventive Industries, dismissing opposition to the closure by the promoter and employees.
In a verbal order issued by the Mumbai NCLT Thursday, judicial member of the tribunal BSV Prakash Kumar said all other petitions except the one by the resolution professional have been dismissed.
“The written order will be posted by Monday,” Kumar said.
Innoventive was the first case filed under the new Insolvency and Bankruptcy Code (IBC) in December last year. The company had total outstanding loans of Rs 1,350 crore at the end of September. A committee of creditors (CoC) had rejected resolution plans on October 14, setting the stage of…
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