State bank of India has taken the debt trapped Hyderabad-based construction and infrastructure company IVRCL Limited to the National Company Law Tribunal.
The Hyderabad-branch of the NCLT, while admitting the SBI petition, against IVRCL, which is amongst 28 accounts on the Reserve Bank of India list of large non performing assets, appointed Sutanu Sinha as the interim resolution professional.
As per the provisions of Insolvency and Bankruptcy Code, the powers of the Board of Directors of IVRCL stand suspended and such powers shall be vested with the Sutanu Sinha, the IRP, appointed by the NCLT.
Henceforth, the management of affairs of the Corporate debt vests in the IRP, the Board powers suspended and exercised by IRP, the officers and ma…
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