Friday 14 December 2018
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business-standard - 8 days ago

NCLT directs Era Infra RP to admit ICICI Bank as financial creditor

The National Company Law Tribunal (NCLT) Thursday directed the resolution professional of Era Infrastructure India to admit ICICI Bank as a financial creditor under the insolvency proceedings. The resolution professional (RP) had declined to accept ICICI Bank s claims worth Rs 700 crore. A two-member principal bench of the NCLT also directed the RP to grant ICICI Bank a proportional voting share in the Committee of Creditors (CoC). The corporate debtor is liable to repay the amount granted by the ICICI Bank to Era Infra and Dehradun Highway Project as a Financial debt as per the provisions of the code, said the NCLT bench headed by President Justice M M Kumar. NCLT had started insolvency proceedings against Era Infrastructure in May 2018 and appointed an RP for the company. The RP had denied the claims of ICICI Bank. As a consequential relief, a direction is issued to RP to revise the list of financial creditors of the corporate debtor by including the claims of ICICI Bank with ...

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