KOLKATA: Burn Standard, India’s largest railway wagon manufacturing company in West Bengal, said on Wednesday that it cannot cover its debts and has filed for insolvency last month.
“For about 23 years, we were trying to bring back the company’s lost glory. But even after all our efforts the company couldn’t clear long pending debt. Company’s debt rose from Rs 82 cr to Rs 284.26 cr in past few years,” Burn Standard’s chairman Mahammad Adab Alam said, adding,”On May 31, National Corporate Law Tribunal (NCLT) declared Burn Standard bankrupt.”
He also said that no bank was willing to give loan to the company thus making it hard for them to buy raw materials and give payment to its employees.
Meanwhile, NCLT has direc…
Read the full article at: http://timesofindia.indiatimes.com/business/railway-wagon-maker-burn-standard-declared-bankrupt/articleshow/59035110.cms
