The National Company Law Tribunal (NCLT) bench here has ordered initiation of the corporate insolvency resolution process in respect of Basmati rice exporter REI Agro, which was allegedly involved in a bank loan fraud, the company said on Tuesday.
“..pursuant to filing of an application by Surendra Kumar Joshi, an operational creditor of the company, the NCLT, Kolkata, has ordered for initiation of the Corporate Insolvency Resolution process in respect of the company under the provision of Insolvency and Bankruptcy Code, 2016 vide its order dated February 27…,” the company said in a filing to BSE.
The city-based company allegedly defrauded a 20-lender consortium, led by public sector UCO Bank, through conspir…
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