A bankruptcy court has ordered liquidation of debt-laden ABG Shipyard Ltd after lenders rejected an offer by the sole bidder Liberty House.
The development comes almost two years after the Reserve Bank of India asked lenders to initiate bankruptcy resolution proceedings against ABG Shipyard and 11 other companies under the Insolvency and Bankruptcy Code (IBC).
The National Company Law Tribunal (NCLT) sent the company into liquidation on April 25, ABG Shipyard said in a stock-exchange filing on Wednesday.
ABG Shipyard is the second shipbuilder to be sent to liquidation after Bharati Defence and Infrastructure Ltd in January this year.
The Mumbai-based company said that its Committee of Creditors (CoC) had previously noted that the offer by Li…
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