ADVERTISEMENT
Monnet Ispat Bankruptcy: NCLT Appoints Resolution Professional
NCLT appoints Sumit Binani as insolvency resolution professional for Monnet Ispat.
Allowing the plea of a consortium of lenders led by State Bank of India, the National Company Law Tribunal on Monday appointed an interim resolution professional to initiate bankruptcy proceedings against Monnet Ispat & Energy Ltd.
The Mumbai bench of NCLT appointed Sumit Binani as an IRP – supported by Grant Thornton Advisory – for carrying out the Corporate Insolvency Resolution Process, Monnet Ispat said in a filing to the BSE. The powers of the board have been suspended and shall be exercised by the IRP, the filing said.
The company said it received a copy of the order on Monday.
NCLT's order follows a petition filed by lenders against Monnet Ispat under the Insolvency and Bankruptcy Code, 2016.
Get live Stock market updates, Business news, Today’s latest news, Trending stories, and Videos on NDTV Profit.
ADVERTISEMENT