The Mumbai Bench of the NCLT has directed commencement of corporate insolvency resolution process for EPC Constructions India Pvt Ltd, formerly known as Essar Projects (India) Ltd, on a petition filed by IDBI Bank to recover outstanding loans of 969 crore.
As per the submissions made by IDBI Bank before the Tribunal, the account of EPC Constructions, which executes engineering, procurement and construction projects, was declared a non-performing asset on December 31, 2014 under RBI guidelines.
This is the second Essar Group firm to face insolvency proceedings after Essar Steel. Essar Group was earlier under a debt pile of nearly 1.4 lakh crore, of which it has paid 80,000 crore with the sale of Essar Oil and other assets, including real …
Read the full article at: https://www.thehindubusinessline.com/companies/idbi-bank-gets-nclt-nod-for-insolvency-proceedings-against-essar-projects/article23740879.ece
