The company, which has an outstanding loan of Rs 5200 crore has informed the stock exchanges that Surendra Joshi, an operational creditor, has filed an application at National Company Law Tribunal at Kolkata.
NCLT has initiated corporate insolvency resolution process and Anil Agarwal is appointed as interim resolution professional.
The powers of the board have been suspended and they are now vested on Anil Agarwal. Following the NCLT order, a moratorium is granted to the company.
This prohibits lenders to proceed with the recovery process…