The tribunal rejected Era Infras objection that since several company petitions had been filed before the Delhi high court with a prayer for winding up the corporate debtor and were pending, no insolvency proceedings could proceed before the tribunal. Photo: iStockphoto
New Delhi: The National Company Law Tribunal on Friday decided to move ahead with insolvency proceedings against Era Infra Engineering Ltd initiated by Union Bank of India for recovery of Rs681.04 crore, along with an overdue external commercial borrowing of $11.97 million, as on 31 May 2017.
Let all the petitions be listed for hearing before the Principle Bench.., the 30-page NCLT order signed by President M.M Kumar and members R. Varadharajan and Deepa Krishnan reads.
Th…
Read the full article at: http://www.livemint.com/Politics/OlQedHqORIpC8xVPYCH2mN/NCLT-to-proceed-with-insolvency-proceeding-against-Era-Infr.html
