NCLT reserves order on SBIs insolvency proceedings against the infrastructure firm
IVRCL Limited, once one of the fastest growing infrastructure companies, and which ruled the sector for nearly two decades, today faces an uphill task to get back its mojo, bogged down as it is by piles of debt.
The latest move to bring the Hyderabad-based company back to normalcy is by the State Bank of India, which has initiated corporate insolvency proceedings to recover dues, and to possibly find a way out of the current mess.
The news of SBI invoking the provisions of the Insolvency and Bankruptcy Code 2016 (IBC) pushed the stock up to 6.45, up by 4.88 per cent.
As is the case with several major defaulting infrastructure companies goin…
Read the full article at: http://m.thehindubusinessline.com/companies/sbi-initiates-insolvency-proceedings-against-ivrcl/article10027430.ece
