For Adhunik Metaliks, there are only two resolution applicants UK-based Liberty House and Maharashtra Seamless of the DP Jindal Group.In an attempt to get some additional time to arrive at a successful resolution plan in order to save Adhunik Metaliks from going into liquidation, its resolution professional is likely to move the NCLT on Tuesday to exclude the unnecessary days lost from the stipulated period under the insolvency resolution process.
The RP for the insolvent steel maker, Sumit Binani, is likely to seek exclusion of as many as 25 days from the mandated 270-day deadline under the corporate insolvency resolution process (CIRP), a source told FE.
The Kolkata bench of the NCLT is scheduled to hear the matter on…
Read the full article at: https://www.financialexpress.com/industry/insolvency-process-adhunik-metaliks-rp-likely-to-seek-more-time/1150202/
