A Division Bench of the National Company Law Tribunal (NCLT), Chennai, has ordered starting of Corporate Insolvency Resolution Process against liquor manufacturing company Empee Distilleries.
The Bench has also appointed V Venkata Siva Kumar as the Interim Resolution Professional to take charge of the companys affairs immediately.
The Bench passed the order based on a petition filed by Union Bank of India (UBI), according to a communication issued by Empee Distelleries to the Bombay Stock Exchange.
UBI claimed a default of 10 crore from the company as on December 31, 2015. The financing was done through a multi-banking arrangement with 60 per cent from Andhra Bank and the rest by UBI. The financing was mainly for the companys alcohol plant…
Read the full article at: https://www.thehindubusinessline.com/companies/nclt-orders-insolvency-proceedings-against-empee-distilleries/article25446852.ece
