Plea filed by Alcock Ashdown said it could not repay debt of Rs 600 cr; this is the second state PSU to approach NCLT
Gujarat government-run company Alcock Ashdown (Gujarat) Limited (AAGL) has filed an application with the Ahmedabad bench of the National Company Law Tribunal (NCLT) for insolvency, saying it was not in a position to repay the debt of around Rs 600 crore to its creditors, including workmen. The company had been incurring losses for years.
In 2018, the state government decided to shut the company, which was into the business of ship-building, ship overhaul and ship conversion projects and worked for Indian Navy and Andaman Nicobar administration.
It started the proceedings under Section 10 of the Insolvency and Bankruptcy code…
Read the full article at: https://ahmedabadmirror.indiatimes.com/ahmedabad/cover-story/state-owned-shipbuilding-firm-files-for-insolvency/articleshow/79498576.cms
