The debt-resolution process for Nicco Corporation, one of the first companies to approach the National Company Law Tribunal (NCLT), is still hanging in the balance with lenders asking the company to rework its resolution plan, according to sources close to the development. The committee of creditors has suggested some changes in the resolution plan. To rework the plan, promoters would need some more time, and creditors have agreed to seek an extension of the deadline, Kunal Banerjee, the resolution professional for Nicco, told ET.
According to IBC rules, the powers of the board of the company cease on the appointment of a resolution professional.
The committee of creditors for Nicco has agreed to seek a three month extension, reflect…
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