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Senior counsel K Vivek Reddy, representing ICICI, referenced a London court judgment from October of the previous year to support the insolvency proceedings against GVKPIL.
GVK Power and Infrastructure Ltd (GVKPIL) will face insolvency proceedings for failure to pay loans to lenders, a corporate insolvency court has said.
The Hyderabad bench of National Company Law Tribunal (NCLT) issued the order on a petition of lenders’ group led by ICICI Bank Ltd, GVKPIL said in a stock exchange filing.
The loan was originally availed of by GVK Coal Developers (Singapore) Pte Ltd over a decade ago, for which GVKPIL acted as a guarantor.
The NCLT bench issued the order on July 12, which …
Read the full article at: https://www.business-standard.com/companies/news/gvk-power-and-infrastructure-faces-insolvency-proceedings-on-loan-default-124071601055_1.html
