Hyderabad, Jan 12:
State Bank of India has initiated corporate insolvency proceedings against IVRCL Ltd. In a regulatory filing made with the BSE, the Hyderabad-based infrastructure company has informed that the provisions of Insolvency and Bankruptcy Code 2016 (IBC) have been invoked by the lender.
The debt laden company said that SBI had initiated Corporate Insolvency Resolution Process against the company and filed an application against the company under regulation 7 of the IBC 2016 with the National Company Law Tribunal.
The company stated: “Pursuant to regulation 30 of SEBI (LODR) Regulations 2015, we inform you that State Bank of India (lender) has initiated Corporate Insolvency Resolution Process (CIRP)…
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