The National Company Law Appellate Tribunal has ordered liquidation of Kamineni Steel & Power (KSPL), scrapping the lower bankruptcy court’s decision clearing a debt resolution plan that didn’t have the approval of 75% of the company’s lenders.
The order came on a challenge by Indian Overseas Bank which moved the appellate body after the National Company Law Tribunal (NCLT) in last November approved the resolution plan.
KSPL, part of the Hyderabadheadquartered Kamineni group, had earlieer moved the NCLT seeking resolution of its loan accounts that were declared nonperforming by lenders.
It also submitted a resolution plan to Indian Bank %, which heads a consortium of lenders consisting of Oriental Bank of Commerce, Allahabad Bank, Indian Overseas Bank, Central Bank of India, Andhra Bank\, Bank of Maharashtra. Read more
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