NCLT reserves order on plea against Duncan Goenka firm – Livemint
PNB, which filed the insolvency petition, said NRC had failed to honour a one-time settlement deal earlier too. Photo: Pradeep Gaur/Mint
Mumbai: The Mumbai bench of the National Company Law Tribunal (NCLT) on Thursday reserved its order on the insolvency petition filed by the Punjab National Bank (PNB) against NRC Ltd, formerly known as National Rayon Corp. Ltd.
NRC is one of the leading companies of Kolkata-based Duncan Goenka Group.
The counsel for Punjab National Bank argued that there is an admitted debt by the company and previously, too, the bank had agreed to a one-time settlement (OTS), but the company failed to honour that as well.
The company has sought several one-time settlement offers from the bank, but nothing worked out. In t…