The National Company Law Appellate Tribunal has ordered liquidation of Kamineni Steel & Power (KSPL), scrapping the lower bankruptcy courts decision clearing a debt resolution plan that didnt have the approval of 75% of the companys lenders.
The order came on a challenge by Indian Overseas Bank, which moved the appellate body after the National Company Law Tribunal (NCLT) in last November approved the resolution plan.
KSPL, part of the Hyderabadheadquartered Kamineni group, had earlier moved the NCLT seeking resolution of its loan accounts that were declared nonperforming by lenders. It also submitted a resolution plan to Indian Bank, which heads a consortium of lenders consisting of Oriental Bank of Commerce, Allahabad Bank, Indian Ov…
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