The National Company Law Tribunal (NCLT) at Hyderabad has recently ordered the liquidation of Maharashtra-based Pioneer Gas Power Limited after all attempts to revive the company through the insolvency process failed.
A bench comprising Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri, in an order passed on November 11, allowed the liquidation application filed by Bright Star Resolution Professionals LLP, acting as the Resolution Professional for Pioneer Gas Power Limited.
The insolvency proceedings had originally been initiated by financial creditor IFCI Limited on January 12, 2024, following a default on a loan extended to the company. During the process, financial creditors submitted claims totaling Rs 4,137 crore,…