After admitting the first resolution plan, the Hyderabad Bench of the NCLT has, in the same week, orally pronounced the first liquidation order under the Insolvency and Bankruptcy Code, 2016.
VNR Infrastructures Ltd., the corporate debtor, had filed for initiation of insolvency resolution process in December 2016, under section 10 of the Code, after its proceedings at the BIFR stood abated due to notification of provisions of the Code. The BIFR had also concluded that VNR was a sick company.
In February, the NCLT passed an order admitting the application and appointed an interim resolution professional (IRP).
Interestingly, the Promoter of the Company is Vakati Narayana Reddy, an MLC (Member of Legislative Council from A.P.), who …
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