KOLKATA: While Innoventive Industries moved the Bombay High Court against the bankruptcy law, the Insolvency & Bankruptcy Board of India has registered six other cases including one involving Vijay Mallyas UB Engineering to begin insolvency resolution process against these companies, ushering in a new era in Indias dealing with sick businesses.
ICICI Banks application for insolvency resolution against Innoventive was the first to be registered by the Board. Among other registered cases are Srei Equipment Finances application against Sree Metaliks, insolvency filing by Nicco Corporation and Bhupen Electronics Ltd.
The National Corporate Law Tribunal asked the lenders to submit proof of their claims against these sick units and default…
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