On, August 2, 2017, the National Company Law Tribunal (NCLT) approved India’s first resolution plan, that of Synergies-Dooray Automotive Ltd, under the newly enacted Insolvency and Bankruptcy Code (IBC).
The insolvency plea of the Hyderabad-registered automotive spare parts manufacturer, which made aluminium alloy wheels for global automakers, was admitted in the NCLT on January 23, 2017, and its resolution plan approved by the Committee of Creditors (CoC) on June 24. The plan, cleared by the NCLT a few weeks later, was a precursor to the headline-grabbing defaults by the so-called “Dirty Dozen” companies whose cases were subsequently taken to the IBC. The list included ABG Shipyard, Amtek Auto, Essar Steel, Jaypee…