HYDERABAD: In a setback to the GVK group, the National Company Law Tribunal (NCLT) at Hyderabad has declared its flagship company GVK Power and Infrastructure Ltd (GVKPIL) as bankrupt and initiated corporate insolvency resolution process (CIRP) for defaulting on a loan (including interest) of Rs 18,000 crore to ICICI Bank and a few other banks.
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 on Monday, in a petition filed by ICICI in 2022.
Appearing for ICICI, senior counsel K Vivek Reddy cited a London court judgment in…
