NCLT Mumbai admits Gupta Global for insolvency case
Gupta Global actually raised Rs 402 crore loans from various financial institutions. A majority of it went burst as the borrower failed to repay.
By Saikat Das, ET Bureau | Updated:
MUMBAI: India’s dedicated bankruptcy court the National Company Law Tribunal, Mumbai has admitted Nagpur-based Gupta Global Resources for insolvency proceedings after the company itself filed a petition citing its loan default for Rs 342 crore.
“The Bench is of the view that the corporate debtor has committed default…Hence this bench hereby admits this petition, declaring moratorium with consequential directions,” said BSV Prakash Kumar and V Nallasenapathy, member judges in their order.
Gupta Global actually raised Rs 402 crore loans from various financial institutions. A majority of it went burst as the borrower failed to repay.
Some of its financial creditors include the State Bank of India, Axis Bank, L&T Fincorp, Srei Equipment Finance, IDBI Bank.
The court has appointed Atul Rajwadkar as an interim resolution professional, who will try drawing a resolution plan for first 30 days.
On July 15 this year, the board of directors of Gupta Global permitted Piyush Marodia, director of the company to file the necessary application under Insolvency and Bankruptcy Code.
“The Bench is of the view that the corporate debtor has committed default…Hence this bench hereby admits this petition, declaring moratorium with consequential directions,” said BSV Prakash Kumar and V Nallasenapathy, member judges in their order.
Gupta Global actually raised Rs 402 crore loans from various financial institutions. A majority of it went burst as the borrower failed to repay.
Some of its financial creditors include the State Bank of India, Axis Bank, L&T Fincorp, Srei Equipment Finance, IDBI Bank.
The court has appointed Atul Rajwadkar as an interim resolution professional, who will try drawing a resolution plan for first 30 days.
On July 15 this year, the board of directors of Gupta Global permitted Piyush Marodia, director of the company to file the necessary application under Insolvency and Bankruptcy Code.
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