The National Company Law Tribunal (NCLT) in New Delhi has simultaneously admitted two separate insolvency pleas against its subsidiary companies over combined defaults of nearly ₹2,772 crore. The tribunal initiated proceedings against Haridwar Highways Project Limited (HHPL) for a default of ₹2,386.51 crore and against Era Infrastructure (India) Ltd. for a default of ₹385.38 crore. The petitions were filed by the National Asset Reconstruction Company Limited (NARCL), India’s ‘bad bank’, which had acquired the massive outstanding loans from a consortium of lenders.
The bench, comprising Judicial Member Shri Manni Sankariah Shanmuga Sundaram and Technical Member Shri Atul Chaturvedi, dismissed last-ditch…