With the NCLT admitting ICICI Banks petition against ABG Shipyard, the companys board of directors will be dissolved.The Ahmedabad bench of the National Company Law Tribunal (NCLT) on Tuesday admitted the insolvency petition against ABG Shipyard filed by ICICI Bank under the Insolvency and Bankruptcy Code (IBC). The bench has appointed Sundaresh Bhat of BDO India, as the interim resolution professional (IRP).The company owes banks close to `10,000 crore, of which ICICI Bank alone had loaned about Rs 4,500 crore.
With the NCLT admitting ICICI Banks petition against ABG Shipyard, the companys board of directors will be dissolved. Under IBC, the IRP gets 180 days to submit a restructuring plan for the company and the timelin…
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