The National Company Law Tribunal’s (NCLT’s) Hyderabad bench has declared GVK Power and Infrastructure Ltd (GVKPIL) as bankrupt and initiated corporate insolvency resolution process (CIRP) for defaulting on a loan of Rs 18,000 crore (including interest) to ICICI Bank and a some other lenders. GVKPIL is the flagship firm of the GVK group.
The loan was availed by GVK Coal Developers (Singapore) Pte Ltd over a decade ago for which GVKPIL was the guarantor.
The NCLT bench comprising Rajeev Bhardwaj, member (judicial) and Sanjay Puri member (technical) pronounced the order on July 12, which was released yesterday, in a petition filed by ICICI in 2022.
On the stock-specific front, GVK Power shares were locked in the lo…
Read the full article at: https://www.businesstoday.in/markets/company-stock/story/nclt-declares-gvk-power-bankrupt-stock-hits-5-lower-circuit-437324-2024-07-16
