KOLKATA: The National Company Law Tribunal has ordered liquidation in Nicco Corporation, a specialised cable maker and a defaulter of nearly Rs 300 crore of bank loans, and one of the first movers to bankruptcy court.
The NCLTs Kolkata bench passed the order Tuesday as lenders led by State Bank of India rejected the debt resolution plan prepared by the company, according to three people familiar with the matter.
I am sad especially for our workers, said Rajive Kaul, promoter of Nicco Corporation.
We were rather surprised that lenders did not approve the resolution package which was prepared based on SBIs debt resolution guidelines. The package had also been vetted by external experts, he told ET.
ET had reported on October 11 that …
Read the full article at: https://economictimes.indiatimes.com/jobs/about-400-workers-to-lose-jobs-as-nclt-puts-nicco-corporation-under-liquidation/articleshow/61133746.cms
