The National Company Law Tribunal (NCLT) has admitted a petition to start corporate insolvency proceedings, known as CIRP (Corporate Insolvency Resolution Process), against BGR Energy Systems Limited. The company faces a total alleged default of approximately ₹584.67 crore.
Key Developments
The NCLT admitted the insolvency petition, formally starting the Corporate Insolvency Resolution Process (CIRP) for BGR Energy Systems.
NARCL, a distressed asset management company, has replaced Canara Bank as the financial creditor, indicating a shift in debt management.
A moratorium has been imposed under the Insolvency and Bankruptcy Code, freezing company assets and legal actions. An Interim Resolution Professional (IRP) has been appointed to…