Mumbai: The National Company Law Tribunal (NCLT) has admitted Canara Bank‘s insolvency plea against Supreme Best Value Kolhapur (Shiroli) Sangli Tollways Pvt Ltd, a special purpose vehicle promoted by BSE-listed Supreme Infrastructure India Ltd, over a default of ₹347 crore. The tribunal also appointed Rajesh Jhunjhunwala as the interim resolution professional (IRP) to oversee the process.
Supreme Best Value Kolhapur (Shiroli) Sangli Tollways (SBVKSST), set up in 2011 for a four-laning project on the Shiroli-Sangli stretch in Maharashtra, had availed term loans from a consortium of lenders, initially led by L&T Finance and later joined by Union Bank of India, Central Bank of India and Canara Bank.
Appearing for Canara Bank, Yash Dhruva,…