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A two-member NCLT bench also appointed an interim resolution professional (IRP), suspending Bhilai Jaypee Cement’s board and placing it under a moratorium.
Sidhgiri Holdings moved NCLT, filing a petition against Bhilai Jaypee Cement under Section 9 of the IBC.
The National Company Law Tribunal (NCLT) has ordered the initiation of insolvency proceedings against Bhilai Jaypee Cement, a subsidiary of debt-laden Jaiprakash Associates Limited, over a default of Rs 45 crore. The Cuttack bench of the NCLT issued the direction after admitting a plea by the company’s operational creditor, Sidhgiri Holdings Pvt Ltd, to which Bhilai Jaypee Cement owed Rs 45 crore for coal supplies.
A two-member NCLT bench…