Gujarat NRE founder Arun Kumar Jagatramka. Photo: Indranil Bhoumik/Mint
Gujarat NRE Coke Ltd is staring at liquidation after the Kolkata bench of the National Company Law Tribunal (NCLT) on Wednesday declined to extend the deadline for finalizing a rescue plan for the insolvent firm beyond the mandatory 270-day period allowed under Indias new bankruptcy code.
At least four companies are interested in taking over Gujarat NRE Coke, but none will be able to submit binding bids within the specified time frame, the NCLT-appointed administrator, or resolution professional, said on Wednesday. He has time till 1 January to submit a plan with binding offers.
For creditors, liquidation may not be the most optimal way of recovering their duesespecial…
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